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.
| 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
| 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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