National Iron and Steel Company (Watani Steel) recorded a 41.53% decline in net profits in the first quarter of 2025, compared to the same quarter of 2024.
The company’s results revealed a decline in net profits to SAR 2.87 million in the first quarter of this year, compared to profits of SAR 4.91 million for the same period last year.
The company attributed the decline in net profits to a decline in sales volume due to a decline in demand for steel, which directly impacted the decline in net profits, despite a decrease in operating costs and expenses.
On a quarterly basis, the company’s profits declined by 62.2% compared to the previous quarter’s profits of SAR 7.6 million.
The company’s results showed a decline in total sales/revenues for the first quarter of 2025 to SAR 4.15 million, compared to SAR 6.57 million for the same period in 2024, a decline of 36.83%.
