Saudi Arabia’s Watani Iron Steel Co. (Watani Steel) reported a sharp increase in profitability for the first half of 2026, supported by higher sales volumes, stronger finished steel prices and improved profit margins.
During January-June 2026, revenue increased 30.7pct YoY to SAR 280.25 mln (USD 74.7 mln) from SAR 214.47 mln (USD 57.2 mln) a year earlier. Net profit surged to SAR 25.83 mln (USD 6.9 mln) from SAR 1.12 mln (USD 0.3 mln) in the corresponding period of 2025.
The company attributed the stronger first-half performance to higher sales volumes amid improved demand, along with an increase in average selling prices for finished steel products. Watani Steel added that higher inventories of finished products at lower costs also contributed to improved profit margins.
Second-quarter results showed a particularly strong improvement. Revenue increased 67pct YoY to SAR 160.81 mln (USD 42.9 mln), while net profit reached SAR 23.45 mln (USD 6.3 mln) compared with a net loss of SAR 1.76 mln (USD 0.5 mln) in the same quarter last year.
Founded in 2008 and converted into a closed joint-stock company in 2020, Watani Steel has been listed on the Nomu Parallel Market since February 2021. The company has annual production capacity of 280,000 tons of billet and 320,000 tons of rebar.
1 USD / 3.75 SAR