Watani Steel has announced a substantial rise in profits for the first half of 2024, with net income reaching 3.4 million riyals. This marks a significant improvement from the 1.2 million riyals recorded during the same period last year.
The company’s revenue also saw a notable increase, climbing from 159.79 million riyals in H1 2023 to 274 million riyals in H1 2024, reflecting a 71.5% growth. Watani Steel attributes this impressive performance to a higher sales volume and improved selling prices, driven by increased demand for their billet and rebar products.
This financial success highlights Watani Steel’s effective strategies and strong market position, setting a positive tone for the remainder of the year.
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