Bawan Co. reported a net profit after Zakat and tax of SAR 94.9 million in H1 2022, a rise of 12% from SAR 84.8 million in the year-earlier period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 1,650.94 | 1,691.36 | 2.4 % |
| Gross Income | 217.89 | 224.53 | 3.0 % |
| Operating Income | 102.84 | 121.85 | 18.5 % |
| Net Income | 84.80 | 94.90 | 11.9 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 1.41 | 1.58 | 11.9 % |
The profit rise was driven by an increase in the net profit of the electrical industries sector, as well as metal and wood industries sector, along with a decrease in net losses of the concrete industries sector.
The firm also noted lower operational expenses, absence of losses from discontinued operations, and an increase of SAR 1.5 million in the gain on disposal of investment in financial assets at fair value through profit or loss.
The gain in earnings was offset by a decrease in net profit of the plastic industries sector, higher finance cost, and a decrease in other income.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 788.82 | 798.25 | 1.2 % |
| Gross Income | 115.43 | 106.94 | (7.4 %) |
| Operating Income | 53.23 | 57.39 | 7.8 % |
| Net Income | 43.12 | 44.56 | 3.3 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.72 | 0.74 | 3.3 % |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 893.11 | 798.25 | (10.6 %) |
| Gross Income | 117.59 | 106.94 | (9.1 %) |
| Operating Income | 64.46 | 57.39 | (11.0 %) |
| Net Income | 50.35 | 44.56 | (11.5 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.84 | 0.74 | (11.5 %) |
Q2 2022 net profit after Zakat and tax edged up 3% year-on-year (YoY) to SAR 44.6 million.
On a sequential basis, Q2 2022 net profit fell 11.5% from SAR 50.35 million.
Shareholders’ equity, after minority interest, stood at SAR 834.41 million as of June 30, 2022, from SAR 741.32 million a year earlier.
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