Watani Steel’s H1 2022 profit down 15% to SAR 25.5 mln

Watani Steel’s H1 2022 profit down 15% to SAR 25.5 mln

14/08/2022 Argaam Exclusive

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Watani Iron Steel Co. posted a 15% decline in H1 2022 net profit after Zakat and tax to SAR 25.5 million, from SAR 30 million in the year-ago period.

 

The profit decline was attributed to lower sales on lower demand for rebar, despite the higher rate of profitability per ton year-on-year.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 322.02 311.36 (3.3 %)
Gross Income 40.68 36.25 (10.9 %)
Operating Income 33.82 28.83 (14.8 %)
Net Income 30.00 25.49 (15.0 %)
Average Shares 181.65 181.65 -
EPS (Riyals) 0.17 0.14 (15.0 %)


Current Half Annual Comparison (M)

Compared With The
Item H1 2021 H1 2022 Change‬
Revenues 322.02 311.36 (3.3 %)
Gross Income 40.68 36.25 (10.9 %)
Operating Income 33.82 28.83 (14.8 %)
Net Income 30.00 25.49 (15.0 %)
Average Shares 181.65 181.65 -
EPS (Riyals) 0.17 0.14 (15.0 %)

Total shareholders’ equity, after minority interest, increased to SAR 212.716 million as of June 30, 2022, compared to SAR 170.329 million a year earlier.

View More Financial Results

 


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 %)


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

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 %


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

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

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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