Bawan 2021 net profit soars 89% to SAR 170.3 mln; Q4 earnings rise to SAR 44.6 mln

Bawan Co.’s net profit after Zakat and tax surged 89% to SAR 170.3 million in 2021, compared to SAR 90.2 million a year earlier.

The strong performance was driven by higher sales and net profit from the metal and wood industries segment, mainly due to an increase in sales volumes and average selling prices of metal and wood products, despite lower profit margin of metal products.

The electrical industries segment also recorded a net profit of SAR 7.1 million in 2021, against a loss of SAR 40.5 million in 2020. Moreover, Bawan saw an increase in sales and net profit from the plastic industries segment, on higher sales volumes and the average selling prices.

Bawan also cited lower cost of financing and expenses of the expected credit loss provision on trade receivables.

The fourth-quarter net profit after Zakat and tax jumped 49.1% year-on-year (YoY) to SAR 44.6 million.

Net profit after Zakat and tax grew by 9%, compared to SAR 40.9 million in Q3 2021.

Total shareholders equity, after minority interest, grew 6.8% to SAR 739.5 million in 2021, from SAR 692.5 million in 2020.

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