29
Mar
12:35
Watani's profit grows despite drop in sales
Watani Iron Steel Company reported a 5% on-year drop in 2020 revenue to SAR 459.4 million ($122.5m) as demand was hit by Covid-19 pandemic-related measures. Net profit nevertheless rose 6% to SAR 31.1m.
The firm began trading on Saudi Arabia's “Nomu” parallel market in February (see Kallanish passim). In the first half of 2020 its sales rose 1% and net profit surged 135% on-year.
The long steelmaker has capacities of 280,000 tonnes/year of 12…
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Anonymous
Very good overview of the weekly steel market.
Anonymous