Financial Results : Bawan’s net profit edges up 1% to SAR 15.2 mln in Q1 2020

Bawan’s net profit edges up 1% to SAR 15.2 mln in Q1 2020

10/06/2020 Argaam Exclusive

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Bawan Co. reported a marginal increase of 1% in net profit after Zakat and tax to SAR 15.2 million for Q1 2020, from SAR 15 million a year earlier.

 

The rise in net profit was driven by higher gross profit, revenue and profit margins despite SAR 7.1 million losses on revaluation of investments in assets at fair value from Saudi Aramco’s initial public offering (IPO).

When compared to Q4 2019, net profit after Zakat and tax more than doubled from SAR 5.2 million, driven by better revenue, and profit margins, along with a decline in operating expenses.

 

The profit surge came despite incurring SAR 7.1 million losses on revaluation of investments in assets at fair value from Saudi Aramco’s initial public offering (IPO).



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 596.81 644.14 7.9 %
Gross Income 71.18 80.24 12.7 %
Operating Income 23.52 31.66 34.6 %
Net Income 15.04 15.21 1.1 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.25 0.25 1.1 %

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