Watani Iron Steel reports quarterly net profit of 6 million riyals
Saudi steelmaker Watani Iron Steel reported a quarter with 6 million riyals net profit, 174.8 million riyals sales, and higher volumes and prices.
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what happened
According to Reuters, Watani Iron Steel posted a quarterly net profit of 6 million riyals on sales of 174.8 million riyals. Sales volumes rose on stronger demand, while production remained stable. The average selling price climbed notably and the gross profit margin widened. The company also recognized an allowance for expected credit losses.
why it matters
For markets this is a routine report from a small steel producer, so its effect on broader indices is limited. Higher prices and margins point to firmer demand for its products, while the new credit-loss allowance suggests more caution about receivables.
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sources
- Watani Iron Steel Qtrly Net Profit 6 Million Riyals — Reuters, 1 November 2026 at 06:11 UTC
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