Watani Steel H1 2024 profit surges to SAR 3.4M

Watani Steel H1 2024 profit surges to SAR 3.4M

20/08/2024 Argaam Exclusive

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Watani Iron Steel Co.’s (Watani Steel) H1 2024 net profit leapt to SAR 3.4 million, from SAR 1.2 million in the year-ago period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 159.79 274.00 71.5 %
Gross Income 11.81 14.96 26.7 %
Operating Income 4.32 6.25 44.6 %
Net Income 1.23 3.41 176.6 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.01 0.02 176.6 %


Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 159.79 274.00 71.5 %
Gross Income 11.81 14.96 26.7 %
Operating Income 4.32 6.25 44.6 %
Net Income 1.23 3.41 176.6 %
Average Shares 181.65 181.65 -
EPS (Riyals) 0.01 0.02 176.6 %

The annual profit increase was mainly due to higher revenues on the year-on-year (YoY) rise in sales value and volumes during the six-month period, in addition to higher other revenues. However, the bottom-line growth was offset by the elevated cost of sales on a yearly basis.

 

Total shareholders’ equity, no minority interest, surged to SAR 245.84 million as of June 30, 2024, compared to SAR 238.81 million a year earlier.

 

Historical Data  

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

322.02

30.00

0.17

H2 2021

300.87

17.06

0.09

H1 2022

311.36

25.49

0.14

H2 2022

284.28

24.06

0.13

H1 2023

159.79

1.23

0.01

H2 2023

210.32

3.01

0.02

H1 2024

274.00

3.41

0.02

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
H1 2023 159.79 (48.7 %) 11.81 (67.4 %) 4.32 (85.0 %)
H2 2023 210.32 (26.0 %) 12.63 (64.1 %) 6.31 (77.3 %)
H1 2024 274.00 71.5 % 14.96 26.7 % 6.25 44.6 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
H1 2023 1.23 (95.2 %) 0.01 - 1.23 0.01
H2 2023 3.01 (87.5 %) 0.02 - 3.01 0.02
H1 2024 3.41 176.6 % 0.02 - 3.41 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
H1 2023 10.57 % 11.70 % 5.70 %
H2 2023 6.60 % 8.25 % 1.15 %
H1 2024 5.70 % 6.81 % 1.33 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
H1 2023 181.65 0.14 0.14 1.31
H2 2023 181.65 0.02 0.02 1.33
H1 2024 181.65 0.04 0.04 1.35

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
H1 2023 25.24 25.24 2.67
H2 2023 More than 100 More than 100 1.99
H1 2024 75.52 75.52 1.97

Business Segments (Million)

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


Share Price

Watani Iron Steel Co.
2.73
(0.01) (0.37 %)

Watani Iron Steel Co. (WATANI STEEL)

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