Riyadh — Mubasher: Watani Iron Steel Company reversed to profitability during the first nine months (9M) of 2026 after recording SAR 31.81 million, against a net loss of SAR 3.55 million in 9M-25.
The company attributed the turnaround to higher sales volumes resulting from increased demand and consistent production operations, which had been impacted by a partial fire at fuel tanks during 2025, according to a bourse filing.
For the nine-month period ended on 30 September 2026, revenues soared by 53.17% to SAR 455.01 million from SAR 297.06 million a year earlier.
Earnings per share (EPS) stood at SAR 0.18 in 9M-26, shifting from a loss per share of SAR 0.02 in the corresponding period of 2025.
Total shareholders' equity reached SAR 267.95 million at the end of September 2026.
In the third quarter (Q3) of 2026, Watani Iron Steel also swung to a net profit of SAR 5.98 million from a net loss of SAR 4.67 million in Q3-25.
However, net profit declined by 74.506% compared to Q2-26, which the company linked to lower average selling prices, higher production costs per ton, and the formation of expected credit loss provisions.
Quarterly revenue surged by 111.593% year-on-year (YoY) to SAR 174.76 million in Q3-26.
