Bawan H1 2021 net profit rises to SAR 84.8 mln

05/08/2021 Argaam Exclusive

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Bawan Co. reported net profit after Zakat and tax of SAR 84.8 million for the first half of 2021 compared to SAR 30.7 million in the same period a year ago.

The company attributed the profit rise to higher revenues of the metal and wood industries sector, increase in average selling price of products in the plastic industries sector, and lower finance costs.

This came despite the increase in operational expenses and Zakat, resulting from the growth in the business and operations.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	1,165.05	1,650.94	41.7 %
Gross Income	141.45	217.89	54.0 %
Operating Income	50.42	102.84	104.0 %
Net Income	30.67	84.80	176.5 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.51	1.41	176.5 %

The company’s net profit after Zakat and tax for Q2 2021 rose more than twofold year-on-year (YoY) to SAR 43.1 million, due to higher revenue and lower finance costs.

On a quarter-on-quarter basis, Q2 increased 3.4% on higher gross profit

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	520.90	788.82	51.4 %
Gross Income	61.21	115.43	88.6 %
Operating Income	18.76	53.23	183.8 %
Net Income	15.46	43.12	178.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.26	0.72	178.8 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	862.12	788.82	(8.5 %)
Gross Income	102.46	115.43	12.7 %
Operating Income	49.61	53.23	7.3 %
Net Income	41.68	43.12	3.5 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.69	0.72	3.5 %

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