Saudi Arabia’s Watani Iron Steel Co. (Watani Steel) reported a significant rise in net profit for H1 2024, reaching SAR 3.4 mln (USD 0.9 mln), up from SAR 1.2 mln in the same period last year.
The growth in profit was driven by higher sales value and volume, despite an increase in the cost of sales.
The company’s revenue also surged by over 71pct YoY to SAR 273.9 mln (USD 72.9 mln).
Established as a limited liability company in August 2008, Watani Steel transitioned to a closed joint-stock company in May 2020. Following this transition, its shares were listed and traded on the Nomu-Parallel Market starting February 2021. Last year, Watani Steel’s board of directors approved a resolution to relocate its shares from the parallel market (Nomu) to the main market, Tadawul All Share Index (TASI).
Watani Steel currently has an annual production capacity of 280,000 tons of billet and 320,000 tons of rebars.
1 USD / 3.75 SAR
