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“Watani Steel” raises its profits to 31 million riyals in 2020

Watani Iron and Steel Company “Watani Steel” achieved net profit growth of 5.7% during 2020 on an annual basis.

According to the company’s data, on the Saudi Stock Exchange website “Tadawul”, the net profit amounted to 31.08 million riyals after zakat and tax, compared to 29.39 million riyals in 2019.

The company’s revenues decreased 4.5% to 459.41 million riyals in 2020, compared to 481.06 million riyals in the previous year.

The company returned earnings growth; The increase in profit margin contributed to the increase in the gross profit, despite the decrease in sales volume on an annual basis; As a result of demand rates resulting from the effects of the Corona pandemic and curfews.

She indicated, that this increase resulted in an increase in net profit despite the increase in expenses of decrease (impairment) charged during the period, against the decrease in trade receivables and other receivables and the increase in zakat expense.

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