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Watani Steel reports significant profit increase in H1 2024

Watani Steel reported a significant increase in profits for the first half of 2024, with net income rising to 3.4 million riyals, up from 1.2 million riyals in the same period last year.

Watani Steel reports significant profit increase in H1 2024

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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