Watani Steel 2022 profit rises 5% to SAR 49.6 mln

01/03/2023 Argaam Exclusive

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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 %

Item	H1 2022	H2 2022	Change‬
Revenues	311.36	284.29	(8.7 %)
Gross Income	36.25	35.13	(3.1 %)
Operating Income	28.83	27.79	(3.6 %)
Net Income	25.49	24.07	(5.6 %)
Average Shares	181.65	181.65	-
EPS (Riyals)	0.14	0.13	(5.6 %)

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

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	476.79	-	49.67	-	35.24	-
H1 2019	203.35	-	18.26	-	13.91	-
H2 2019	277.71	-	31.97	-	25.88	-
2019	481.06	0.9 %	50.23	1.1 %	39.79	12.9 %
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 %)
2020	459.41	(4.5 %)	56.40	12.3 %	40.80	2.6 %
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 %
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	476.79	-	49.67	-	35.24	-
2019	481.06	0.9 %	50.23	1.1 %	39.79	12.9 %
2020	459.41	(4.5 %)	56.40	12.3 %	40.80	2.6 %
2021	622.89	35.6 %	68.42	21.3 %	54.12	32.6 %
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	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	25.27	-	0.14	-	25.27	0.14
H1 2019	7.78	-	0.04	-	7.78	0.04
H2 2019	21.61	-	0.12	-	21.61	0.12
2019	29.39	16.3 %	0.16	-	29.39	0.16
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
2020	31.08	5.7 %	0.17	(1.31)	32.39	0.18
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
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	25.27	-	0.14	-	25.27	0.14
2019	29.39	16.3 %	0.16	-	29.39	0.16
2020	31.08	5.7 %	0.17	(1.31)	32.39	0.18
2021	47.06	51.4 %	0.26	-	47.06	0.26
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	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	-	-	-
H1 2018	-	-	-
H2 2018	-	-	-
2018	10.42 %	11.56 %	5.30 %
H1 2019	-	-	-
H2 2019	10.44 %	12.38 %	6.11 %
2019	10.44 %	12.38 %	6.11 %
H1 2020	12.50 %	14.24 %	8.26 %
H2 2020	12.28 %	13.18 %	7.05 %
2020	12.28 %	13.18 %	7.05 %
H1 2021	11.92 %	12.35 %	7.66 %
H2 2021	10.98 %	11.86 %	7.55 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	10.42 %	11.56 %	5.30 %
2019	10.44 %	12.38 %	6.11 %
2020	12.28 %	13.18 %	7.05 %
2021	10.98 %	11.86 %	7.55 %
2022	11.98 %	12.85 %	8.32 %

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	8.98 %	11.73 %	3.83 %
H2 2019	11.51 %	12.86 %	7.78 %
H1 2020	13.84 %	16.11 %	8.90 %
H2 2020	11.01 %	10.80 %	5.55 %
H1 2021	12.63 %	13.57 %	9.32 %
H2 2021	9.22 %	10.02 %	5.67 %
H1 2022	11.64 %	12.46 %	8.19 %
H2 2022	12.36 %	13.28 %	8.47 %

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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	181.65	0.14	0.14	0.77
2019	181.65	0.16	0.16	0.80
2020	181.65	0.17	0.18	0.77
2021	181.65	0.26	0.26	1.03
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

Period	P/E	Adjusted P/E	Price/book
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	17.59	17.59	4.42
2022	11.08	11.08	2.31

Business Segments (Million)

Compared With The

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

Period	Sales of rebar and iron blocks	Other sales (manufacturing waste)
2019	481.06	0.47
2020	459.41	0.45
2021	622.89	0.99
2022	595.64	1.33

Financial Ratios

	Current
Market Cap (M Riyal)	568.56
Enterprise Value (EV) (M)	650.21
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	2.35

Watani Iron Steel Co. (WATANI STEEL)

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Watani Steel 2022 profit rises 5% to SAR 49.6 mln

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Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Watani Iron Steel Co. (WATANI STEEL)

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Watani Steel 2022 profit rises 5% to SAR 49.6 mln

View other reports

Financials (M)

Current Half Annual Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) 2022

Revenue by Business Segment (Latest) 2022 Q4

Financial Ratios

Share Price

Watani Iron Steel Co. (WATANI STEEL)

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Business Segments (Million)