Watani Steel 2022 profit rises 5% to SAR 49.6 mln

01/03/2023 Argaam Exclusive

Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax at SAR 49.6 million for 2022, a 5% increase compared to SAR 47.1 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 622.89 595.64 (4.4 %)
Gross Income 68.42 71.37 4.3 %
Operating Income 54.12 56.62 4.6 %
Net Income 47.06 49.55 5.3 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.26 0.27 5.3 %

The company attributed the profit growth to lower cost of sales and an increase in the selling price of the final product, despite lower revenue for 2022 on a decrease in sales value. Financing expenses increased due to high global inflation rates and interest rate hike.



Current Half Annual Comparison (M)

Compared With The
Item H2 2021 H2 2022 Change‬
Revenues 300.87 284.29 (5.5 %)
Gross Income 27.74 35.13 26.6 %
Operating Income 20.30 27.79 36.9 %
Net Income 17.06 24.07 41.1 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.09 0.13 41.1 %

Shareholders’ equity, no minority interest, reached SAR 237.58 million at the end of 2022, compared to SAR 187.22 million a year earlier.

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Share Price

Watani Iron Steel Co.
3.13
0.00 0.00 %

Watani Iron Steel Co. (WATANI STEEL)

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Financial Ratios
Current
Market Cap (M Riyal) 572.20
Enterprise Value (EV) (M) 653.85
Shares Outstanding ((M)) 181.65
Book Value (BV) ( Riyal) 1.33
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
Price/book 2.36
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 203.35 - 18.26 - 13.91 -
H2 2019 277.71 - 31.97 - 25.88 -
H1 2020 205.92 1.3 % 28.50 56.1 % 23.27 67.3 %
H2 2020 253.49 (8.7 %) 27.90 (12.7 %) 17.53 (32.3 %)
H1 2021 322.02 56.4 % 40.68 42.8 % 33.82 45.3 %
H2 2021 300.87 18.7 % 27.74 (0.6 %) 20.30 15.8 %
H1 2022 311.36 (3.3 %) 36.25 (10.9 %) 28.83 (14.8 %)
H2 2022 284.29 (5.5 %) 35.13 26.6 % 27.79 36.9 %
2022 595.64 (4.4 %) 71.37 4.3 % 56.62 4.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2013 - - - - - -
H2 2013 - - - - - -
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 7.78 - 0.04 - 7.78 0.04
H2 2019 21.61 - 0.12 - 21.61 0.12
H1 2020 18.32 135.4 % 0.10 - 18.32 0.10
H2 2020 12.76 (40.9 %) 0.07 (1.31) 14.07 0.08
H1 2021 30.00 63.8 % 0.17 - 30.00 0.17
H2 2021 17.06 33.6 % 0.09 - 17.06 0.09
H1 2022 25.49 (15.0 %) 0.14 - 25.49 0.14
H2 2022 24.07 41.1 % 0.13 - 24.07 0.13
2022 49.55 5.3 % 0.27 - 49.55 0.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 10.44 % 12.38 % 6.11 %
H1 2020 12.50 % 14.24 % 8.26 %
H2 2020 12.28 % 13.18 % 7.05 %
H1 2021 11.92 % 12.35 % 7.66 %
H2 2021 10.98 % 11.86 % 7.55 %
H1 2022 10.45 % 11.26 % 6.95 %
H2 2022 11.98 % 12.85 % 8.32 %
2022 11.98 % 12.85 % 8.32 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2013 - - - -
H2 2013 - - - -
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 181.65 - - 0.81
H2 2019 181.65 0.16 0.16 0.80
H1 2020 181.65 0.22 0.22 0.70
H2 2020 181.65 0.17 0.18 0.77
H1 2021 181.65 0.24 0.24 0.94
H2 2021 181.65 0.26 0.26 1.03
H1 2022 181.65 0.23 0.23 1.17
H2 2022 181.65 0.27 0.27 1.31

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2013 - - -
H2 2013 - - -
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 18.93 18.36 4.75
H2 2021 17.59 17.59 4.42
H1 2022 15.44 15.44 3.09
H2 2022 11.08 11.08 2.31

Business Segments (Million)

Compared With The
Period Sales of rebar and iron blocks Other sales (manufacturing waste)

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