Watani Iron Steel Profits Increase to SR47 mln during 2021, by 51%

Watani Iron Steel Company net profit after zakat and tax increase to SR47 million during the year 2021, compared to SR31 million during the year before last, at a rate of 51%.

 This came after Watani Iron Steel Company announcement on Tuesday of the estimated annual financial results ending on 31.12.2021. (12 months).

The operational profit during the current period amounted to SR 55 million, compared to SR44 million during the same period last year, with a growth of 24%.

The gross profit during the current period, it amounted to SR68 million, compared to SR556 million during the same period last year, an increase of 21%.

Profits per share during the current period amounted to SR 3.89, compared to SR2.57 during the same period last year.

The reason of the increase (decrease) in the net profit during the current year compared to the last year is:

The reason for the increase in net profit for the current year compared to the previous year is due to the increase in the value of sales and the decrease in financing costs due to payment of part of the loans despite the increase in the average cost of production inputs and the increase in Zakat expense.

Some comparative figures for the year 2020 have been reclassified to conform to the current year’s presentation.

The results of the company for the current year (2021) came in line with the plans and strategies that aim to adapt to the current situation of the effects of the pandemic, in addition to rationalizing expenses and raising operational efficiency. The company also efficiently and effectively managed the risks of the spread of the emerging coronavirus (COVID-19) pandemic and its impact on its operations in light of the existing economic conditions and conditions.