Watani Steel’s net profit jumps 64% to SAR 30 mln in H1 2021

Watani Steel’s net profit jumps 64% to SAR 30 mln in H1 2021

18/08/2021 Argaam Exclusive

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Watani Iron Steel Co. (Watani Steel) reported a net profit after Zakat and tax of SAR 30 million for H1 2021, a 64% increase, compared to SAR 18.3 million in the year-earlier period.

 

The increase was attributed to higher sales volume and lower financing expenses despite a fall in profit margins.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 205.92 322.02 56.4 %
Gross Income 28.50 40.68 42.8 %
Operating Income 23.27 33.82 45.3 %
Net Income 18.32 30.00 63.8 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.10 0.17 63.8 %

In addition, the company reported an increase in general and administrative expenses and higher Zakat provision.



Current Half Annual Comparison (M)

Compared With The
Item H1 2020 H1 2021 Change‬
Revenues 205.92 322.02 56.4 %
Gross Income 28.50 40.68 42.8 %
Operating Income 23.27 33.82 45.3 %
Net Income 18.32 30.00 63.8 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.10 0.17 63.8 %

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2012 - - - - - -
H2 2012 - - - - - -
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2012 - - - - - -
H2 2012 - - - - - -
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2012 - - -
H2 2012 - - -
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2012 - - - -
H2 2012 - - - -
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2012 - - -
H2 2012 - - -
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

Business Segments (Million)

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


Financial Ratios
Current
Market Cap (M Riyal) 564.93
Enterprise Value (EV) (M) 646.58
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 2.33
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Share Price

Watani Iron Steel Co.
3.07
(0.06) (1.92 %)

Watani Iron Steel Co. (WATANI STEEL)

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