Riyadh – Mubasher: Watani Iron Steel Company has conducted a comprehensive maintenance shutdown of its production lines, units, and operational facilities.

The temporary closure is scheduled to last for 20 to 25 days starting from 15 December 2023, according to a bourse disclosure.

This comprehensive maintenance aims to enhance operational safety and stability, extending the productive life of all production units and facilities.

The company expects no impact on sales during this period, as the shutdown was already included in the current year’s business plan besides hedging sufficient finished product inventory to meet customer demand.

The listed firm indicated that the financial impact will reflect at the end of 2023 results.

It is worth noting that the company intends to move its shares from the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) upon a board’s resolution earlier in 2023.

In the first half (H1) of 2023, Watani Iron Steel's net profits after Zakat and tax plunged by 95.16% year-on-year (YoY) to SAR 1.23 million from SAR 25.48 million.