Riyadh – Mubasher: Watani Iron Steel Company registered net profits after ZAkat and tax worth SAR 30 million during the first half (H1) of 2021, a growth of 63.7% from SAR 18.31 million in H1-20.

Earnings per share stood at SAR 2.48 in H1-21, up from SAR 1.51 in H1-20, according to the financial results on Wednesday.

Revenues increased by 56% to SAR 322.02 million in the January-June 2021 period from SAR 205.92 million in the same half last year.

Besides the higher sales in H2-21, the increase in annual profits was attributed to lower financing expenses despite the decrease in profit margins for the first six months of 2021 as well as higher general and administrative expenses and a rise in the provision for Sharia Zakat.

It is worth noting that Watani Iron Steel started trading its shares on the Saudi Exchange’s (Tadawul) Parallel Market Nomu in February 2021.