Bawan turns to SAR 26.6 mln profit in FY19

22/03/2020 Argaam Exclusive

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Bawan Co. reported net profit after Zakat and tax of SAR 26.6 million for the fiscal year 2019, against net losses of SAR 218.4 million a year earlier.

Net profit was driven by higher gross profit, increased revenue and lower Zakat. The company also indicated that FY2018 financial statements included losses from non-operating goodwill impairment at SAR 169.8 billion in addition to an asset impairment of SAR 19.4 billion.

Financials (M)

Item	2018	2019	Change‬
Revenues	1,953.46	2,235.23	14.4 %
Gross Income	155.58	249.20	60.2 %
Operating Income	(0.46)	52.70	11457.5 %
Net Income	(218.35)	26.63	112.2 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(3.64)	0.44	112.2 %

Bawan reported net profit of SAR 5.3 million in Q4 2019, versus net losses of SAR 230.4 million in Q4 2018.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	521.52	593.66	13.8 %
Gross Income	19.14	62.00	223.9 %
Operating Income	(29.82)	4.37	114.7 %
Net Income	(229.84)	5.30	102.3 %
Average Shares	60.00	60.00	-
EPS (Riyals)	(3.83)	0.09	102.3 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	525.59	593.66	13.0 %
Gross Income	57.07	62.00	8.6 %
Operating Income	12.34	4.37	(64.6 %)
Net Income	3.26	5.30	62.4 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.05	0.09	62.4 %

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