Watani Iron Steel Co (9513.SR) Q4 2025 Earnings Report

Watani Iron Steel Co. reported for QQ4 2025 with revenue of SAR 233.66 million and a gross profit of SAR 5.42 million, translating to a gross margin of 2.32%. Despite a year-over-year revenue uplift of 67.31% and a sequential increase of 19.80%, the quarter delivered a negative EBITDA of SAR 20.10 million and a net loss of SAR 11.35 million, with earnings per share of negative SAR 0.0606. The negative profitability despite rising top line suggests structural cost challenges and limited operating leverage at current capacity or mix. Total other income and expenses contributed SAR 11.72 million of non-operating income, allowing pretax income of SAR 3.68 million, but taxes and non-operating items culminated in a net loss. Management commentary (where available) and the cadence of the four-quarter results imply ongoing cost control initiatives are required to translate revenue growth into sustainable earnings. Investors should monitor margin recovery, working capital dynamics, raw-material/energy cost volatility, and any explicit guidance from management in future disclosures.