02
Mar
09:39
Watani Steel posts 2022 revenue decline, profit growth
Riyadh-based long steel producer Watani Iron Steel Company (WISC) posted a 4.4% on-year decline in 2022 revenue to SAR 595.6 million ($158.8m). However, net profit grew 5.3% to SAR 49.5m, Kallanish understands.
The profit growth was due to the reduction in cost of sales and an increase in the sales price of rebar. However, increased interest rates – financing cost – and lower sales quantities versus a year earlier caused revenue to shrin…
This article contains premium data.
It is only available for active subscribers and clients currently
on trial. To continue reading, see the options below.
on trial. To continue reading, see the options below.
Truly global, user-friendly coverage of the steel and related markets and industry that delivers the essential information quickly while delivering on most occasions just the right amount of between-the-lines comment and interpretation for a near real time news service of this kind.
Anonymous
Very good overview of the weekly steel market.
Anonymous