Watani Steel's net profit jumps 51% to SAR 47.1 mln in 2021
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Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax of SAR 47.1 million in 2021, a 51% increase, compared to SAR 31.1 million in the year-earlier period.
Financials (M)
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 459.41 | 622.89 | 35.6 % |
| Gross Income | 56.40 | 68.42 | 21.3 % |
| Operating Income | 40.80 | 54.12 | 32.6 % |
| Net Income | 31.08 | 47.06 | 51.4 % |
| Average Shares | 181.65 | 181.65 | - |
| EPS (Riyals) | 0.17 | 0.26 | 51.4 % |
The growth in earnings was driven by higher sales and a decrease in financing costs due to partial repayment of loans. However, the average cost of production and Zakat expenses reported an increase.
Current Half Annual Comparison (M)
| Item | H2 2020 | H2 2021 | Change |
|---|---|---|---|
| Revenues | 253.49 | 300.87 | 18.7 % |
| Gross Income | 27.90 | 27.74 | (0.6 %) |
| Operating Income | 17.53 | 20.30 | 15.8 % |
| Net Income | 12.76 | 17.06 | 33.6 % |
| Average Shares | 181.65 | 181.65 | - |
| EPS (Riyals) | 0.07 | 0.09 | 33.6 % |
Shareholders’ equity, excluding minority interest, reached SAR 187.2 million for 2021, compared to SAR 140.3 million a year earlier.
The 2021 results came in line with its plans and strategies that aim to adapt to the current situation amid the COVID-19 pandemic, in addition to rationalizing expenses and raising operational efficiency.
Watani Iron Steel also efficiently and effectively managed the risks of the pandemic and its impact on its operations despite the current economic conditions.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 % |
| 2021 | 622.89 | 35.6 % | 68.42 | 21.3 % | 54.12 | 32.6 % |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Riyal) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| H1 2021 | 30.00 | 63.8 % | 0.17 | - | 30.00 | 0.17 |
| H2 2021 | 17.06 | 33.6 % | 0.09 | - | 17.06 | 0.09 |
| 2021 | 47.06 | 51.4 % | 0.26 | - | 47.06 | 0.26 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| H1 2021 | 11.92 % | 12.35 % | 7.66 % |
| H2 2021 | 10.98 % | 11.86 % | 7.55 % |
| 2021 | 10.98 % | 11.86 % | 7.55 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| H1 2021 | 181.65 | 0.24 | 0.24 | 0.94 |
| H2 2021 | 181.65 | 0.26 | 0.26 | 1.03 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2021 | 18.93 | 18.36 | 4.75 |
| H2 2021 | 17.59 | 17.59 | 4.42 |
Business Segments (Million)
2021
| Period | Sales of rebar and iron blocks | Other sales (manufacturing waste) |
|---|
| 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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