Watani Iron and Steel Company “Watani Steel” achieved a net profit increase of 51.4% during the year 2021 on an annual basis.
According to the company’s financial statements issued March 1 on the Saudi Tadawul website, the net profit amounted to 47.06 million riyals after zakat and tax, compared to 31.08 million riyals in 2020.
Watani Steel attributed the profit growth to the increase in the value of sales, and the lowering in financing costs due to the repayment of part of the loans, despite the high average cost of production inputs and the upsurge in Zakat expense.
The company’s revenues increased by 35.6% during 2021, to 622.89 million riyals, compared to 459.41 million riyals in the previous year.
The company’s profits increased by 33.65% during the second half of 2021, to 17.06 million riyals after zakat and tax, compared to 12.76 million riyals in the same period of the previous year.
The company noted that the results of the year 2021 were in line with plans and strategies aimed at adapting to the current situation with the effects of the pandemic, in addition to rationalizing expenses and raising operational efficiency.
Watani Steel pointed out that it efficiently and effectively managed the risks of the spread of the emerging Corona Virus pandemic and the extent of its impact on its operations in light of the existing economic circumstances and conditions.