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Mohammed Al Balawi, CEO of Bawan Co.
Mohammed Al Balawi, CEO of Bawan Co., said that Petronash boasts solid profitability levels, and is expected to generate revenue growth.
In an interview with Argaam on the sidelines of the EFG Hermes 10th Annual London Investor Conference, Al Balawi explained that Petronash offers specialized engineering products. He expects its revenues to hit SAR 1 billion next year, which will have a positive impact on Bawan and its shareholders. The value of the company in the future will reach $175 million.
He noted that the plan includes completing the necessary regulatory procedures in the fourth quarter, after which the financial results will be consolidated.
Bawan adopts a clear strategy aimed at maximizing shareholder returns and venturing into promising sectors. The CEO added that the gas sector is particularly promising, especially with the Kingdom's plans to ramp up production capacities until 2030.
On Bawan’s financial performance in Q2 2024, Al Balawi highlighted some challenges, such as the delay in supplying products to a major client, which had a negative impact. He also pointed to the impact of seasonality on the number of working days, production capacity and sales.
The second quarter witnessed a slight decline in selling prices, Al Balawi said, adding that the market shares in the group’s segments are solid.
Bawan is upbeat on performance in the second half of 2024, given its key products that are used by various sectors.
Earlier this month, the company signed a binding memorandum of understanding (MoU) with Petronash Global Ltd. to fully acquire Petronash Holding Ltd., Argaam reported.
The parties agreed that Petronash Holding’s equity stake is valued at $175 million (nearly SAR 656.25 million), subject to achieving set financial targets over the next three years.
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Bawan inks binding MoU to acquire Petronash Holding |
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