06
Mar
09:34
Saudi's Watani sees sales, profit plunge in 2023
Riyadh-based long steel producer Watani Iron Steel Company (WISC) posted a 37.9% on-year decline in 2023 revenue to SAR 370.1 million ($158.8m), from SAR 595.6m a year earlier, Kallanish understands.
The company's 2023 gross and net profit plunged 65.8% and 91.4% on-year, respectively, to SAR 24.4m and SAR 4.24m.
The revenue decline was due to a reduction in selling prices driven by a decrease in demand. Increased interest rates, financing cost…
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Anonymous
Very good overview of the weekly steel market.
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