Bawan's net profit jumps 70% to SAR 30.7 mln in H1 2020

18/08/2020 Argaam Exclusive

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Bawan Co. reported net profit after Zakat and tax of SAR 30.7 million for the first half of 2020, a hike of 70% year-on-year (YoY), driven by lower operating expenses and higher gross profit.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	1,115.98	1,165.05	4.4 %
Gross Income	130.12	141.45	8.7 %
Operating Income	35.99	50.42	40.1 %
Net Income	18.07	30.67	69.7 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.30	0.51	69.7 %

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	519.17	520.90	0.3 %
Gross Income	58.94	61.21	3.8 %
Operating Income	12.47	18.76	50.4 %
Net Income	3.03	15.46	410.9 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.05	0.26	410.9 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	644.14	520.90	(19.1 %)
Gross Income	80.24	61.21	(23.7 %)
Operating Income	31.66	18.76	(40.8 %)
Net Income	15.21	15.46	1.7 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.25	0.26	1.7 %

Net profit after Zakat and tax for the second quarter rose more than five-fold YoY to SAR 15.5 million, due to higher gross profit, increased profit margins, and lower operating expenses.

On a quarter-on-quarter basis, the profit for the current quarter increased by 1.7%.

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