Bawan 9M 2021 net profit more than doubles to SAR 125.7 mln

27/10/2021 Argaam Exclusive

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Bawan Co.’s net profit after Zakat and tax more than doubled to SAR 125.7 million for the first nine months of 2021, compared to SAR 60.2 million in a year-earlier period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	1,713.83	2,378.37	38.8 %
Gross Income	228.38	313.78	37.4 %
Operating Income	86.83	151.61	74.6 %
Net Income	60.24	125.74	108.7 %
Average Shares	60.00	60.00	-
EPS (Riyals)	1.00	2.10	108.7 %

This was driven by higher operating revenue, increased sales volumes and improved selling prices.

Bawan also cited lower cost of financing and decreased losses of discontinued operations.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	548.78	727.44	32.6 %
Gross Income	86.93	95.89	10.3 %
Operating Income	36.41	48.77	33.9 %
Net Income	29.58	40.93	38.4 %
Average Shares	60.00	60.00	-
EPS (Riyals)	0.49	0.68	38.4 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	788.82	727.44	(7.8 %)
Gross Income	115.43	95.89	(16.9 %)
Operating Income	53.23	48.77	(8.4 %)
Net Income	43.12	40.93	(5.1 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.72	0.68	(5.1 %)

Q3 2021 net profit after Zakat and tax increased by 38% year-on-year (YoY) to SAR 40.9 million, due to higher operating revenue, increased sales volumes and improved average selling prices.

On a sequential basis, net profit after Zakat and tax dropped 5.1%.

Total shareholders equity (after deducting minority equity) grew 7.8% YoY to SAR 739.4 million for the nine-month period.

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