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).
| 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 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 593.66 | 644.14 | 8.5 % |
| Gross Income | 62.00 | 80.24 | 29.4 % |
| Operating Income | 4.37 | 31.66 | 624.3 % |
| Net Income | 5.30 | 15.21 | 186.9 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.09 | 0.25 | 186.9 % |
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