Watani Iron Steel Reports SAR 25.83M Net Profit in the Six Months 2026
WATANI STEEL 9513.SA | 0.00 |
On 2026-08-03 15:59:28 (Saudi Time), Watani Iron Steel Co. announced its Interim financial results for the six months ended on June 30, 2026.
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 160,805,515 | 96,275,310 | 67.026 | 119,440,512 | 34.632 |
| Gross Profit (Loss) | 30,433,755 | 3,524,495 | 763.492 | 9,036,606 | 236.783 |
| Operational Profit (Loss) | 25,261,810 | -380,620 | - | 4,002,565 | 531.14 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 23,452,415 | -1,756,541 | - | 2,375,070 | 887.441 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 23,452,415 | -1,756,541 | - | 2,375,070 | 887.441 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 280,246,027 | 214,467,459 | 30.67 |
| Gross Profit (Loss) | 39,470,361 | 12,238,365 | 222.513 |
| Operational Profit (Loss) | 29,264,375 | 3,971,505 | 636.858 |
| Net Profit (Loss) Attributable to Shareholders of the Issuer | 25,827,485 | 1,116,484 | 2,213.287 |
| Total Comprehensive Income Attributable to Shareholders of the Issuer | 25,827,485 | 1,116,484 | 2,213.287 |
| Total Shareholders Equity (after Deducting Minority Equity) | 261,975,584 | 252,472,257 | 3.764 |
| Profit (Loss) per Share | 0.14 | 0.01 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
Year-on-Year Performance Drivers
For the six-month period ending June 30, 2026, sales/revenue increased 30.67% YoY to SAR 28.02 million (from SAR 21.45 million), driven by higher sales volumes resulting from increased demand rates during the current period compared to the same period in 2025. Net profit attributable to shareholders surged 2,213.287% YoY to SAR 2.58 million (from SAR 0.11 million), primarily due to a significant rise in the average selling price of finished goods, increased sales volumes, and an expansion in finished goods inventory that contributed to higher profit margins through lower costs.
Quarter-on-Quarter Performance Drivers
QoQ revenue rose 34.632% to SAR 160.81 million (vs. SAR 119.44 million in the prior quarter), driven by higher sales volume in Q2 2026 attributed to stronger demand compared to Q1 2026. Net profit surged 887.441% to SAR 23.45 million (vs. SAR 2.38 million previously), primarily due to a significant increase in the average selling price of finished goods and higher sales volume. Additionally, a build-up in finished goods inventory contributed to improved profit margins through lower unit costs.
Other Items
Watani Iron Steel Co.'s interim financial statements for the six-month period ended June 30, 2026, received an unmodified conclusion from the external auditor. The auditor's report notes that the comparative condensed interim financial statements for the three-month and six-month periods ended June 30, 2025, were examined by another auditor who expressed an unmodified opinion on 18 Safar 1447 AH (corresponding to August 12, 2025), and that the financial statements for the year ended December 31, 2025, were audited by another auditor who also expressed an unmodified opinion on 23 Ramadan 1447 AH (corresponding to March 12, 2026). No accumulated losses were reported. The company also noted that some comparative figures have been reclassified to conform to current period classifications. No material risks or going concern issues were disclosed.
Original announcement:
https://www.saudiexchange.sa/wps/portal/saudiexchange/newsandreports/issuer-news/issuer-announcements/issuer-announcements-details/?anId=97209&anCat=1&cs=9513&locale=arImportant Notice: The announcement information and market data in this report are sourced directly from the Saudi Exchange (Tadawul). This summary is generated by Sahm’s proprietary AI model for informational purposes only. While we strive for accuracy, it should not be construed as financial advice or an investment recommendation.