Riyadh – Mubasher: The board members of Watani Iron Steel Company decided to transfer its shares from the Parallel Market (Nomu) to the main market All Share Index (TASI).

The company appointed Aldukheil Financial Group as a financial advisor for the transition process, according to a bourse filing.

Meanwhile, the transaction is subject to the approval of the Saudi Exchange (Tadawul) and is conditional on fulfilling all requirements in accordance with the listing rules.

In the first half (H1) of 2023, Watani Iron Steel achieved net profits after Zakat and tax valued at SAR 1.23 million, an annual plunge of 95.16% from SAR 25.48 million.

Revenues dropped by 48.68% year-on-year (YoY) to SAR 159.78 million in the January-June 2023 period from SAR 311.35 million.

The earnings per share (EPS) stood at SAR 0.07 in H1-23, compared to SAR 1.40 in H1-22.

Last July, the company named Abdul Karim Mohammed Al Rajhi and Mishaal Abdul Karim Al Rajhi as the Chairman and Vice Chairman of the board, respectively.