Riyadh — Mubasher: Watani Iron Steel Company reported a net profit of SAR 23.45 million for the second quarter (Q2) of 2026, reversing a net loss of SAR 1.76 million recorded during the same period in 2025.
The company attributed the turnaround to a significant rise in demand, which boosted sales volumes, alongside a notable increase in the average selling price of finished products, according to a bourse filing.
Quarterly revenue reached SAR 160.81 million, representing a 67.03% increase from SAR 96.28 million in Q2-25.
Gross profit surged to SAR 30.43 million in April-June 2026 from SAR 3.52 million in the same quarter a year earlier, supported by the utilization of lower-cost inventory which enhanced profit margins.
Operating profit for Q2-26 stood at SAR 25.26 million, compared to an operating loss of SAR 380,620 in Q2-25.
For the first half (H1) of 2026, Watani Iron Steel’s net profit soared to SAR 25.83 million from SAR 1.12 million in the corresponding half of 2025.
Total revenue for the half-year period grew by 30.67% to SAR 280.25 million.
Moreover, the earnings per share (EPS) rose to SAR 0.14 in January-June 2026 from SAR 0.01 in H1-26.
Total shareholders' equity, excluding non-controlling interests, was reported at SAR 261.98 million as of 30 June 2026.
