Bawan profit dips 24% to SAR 75.7M in 9M 2024; Q3 net at SAR 23.4M

03/11/2024 Argaam Exclusive

Bawan Co.'s net profit dropped 24% to SAR 75.7 million in the first nine months of 2024, compared to SAR 99.7 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,492.54 2,199.03 (11.8 %)
Gross Income 278.56 249.45 (10.4 %)
Operating Income 131.35 103.89 (20.9 %)
Net Income 99.67 75.72 (24.0 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 1.66 1.26 (24.0 %)

The profit decline was attributed to a fall in net profit of the metal and wood industries segment, mainly due to a decline in sales volumes, along with lower average selling prices of wood products.

 

This is coupled with a drop in the net income of the electrical industries segment on subdued sales volumes. The company also reported a decline in other income and investment gains from financial assets at fair value.

 

On the other hand, the plastics segment reported higher revenue despite a drop on an annual basis amid lower sales quantities. Bawan recorded a decline in financing costs and operating expenses (OpEx).



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 832.01 682.60 (18.0 %)
Gross Income 99.02 81.55 (17.6 %)
Operating Income 47.33 33.72 (28.8 %)
Net Income 40.10 23.45 (41.5 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.67 0.39 (41.5 %)

The third-quarter net profit fell 42% to SAR 23.4 million, from SAR 40.1 million in Q3 2023 as the net income of the metal and wood industries segment went down, mainly due to a decline in sales volumes, along with lower average selling prices of wood products. The company recorded profits from discontinued operations in Q3 2023 and reported higher Zakat charges.

 

Compared to Q2 2024, net earnings grew 1.4% from SAR 23.1 million, thanks to higher revenue from all segments, along with improved net income from the metal and wood industries segment and the plastics business.

 

On the other hand, net profit of the electrical industries declined on lower sales volumes.

 

Shareholders’ equity, after minority interest, reached SAR 897.73 million as of Sept. 30, 2024, up from SAR 885.16 million a year earlier.

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Share Price

Bawan Co.
49.90
0.50 1.01 %

Bawan Co. (BAWAN)

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Financial Ratios
Current
Market Cap (M Riyal) 2,994.00
Enterprise Value (EV) (M) 3,381.79
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 1.87
Book Value (BV) ( Riyal) 14.96
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.71
P/E (TTM) 26.71
Price/book 3.34
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 12.6
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