Financial Results : Bawan posts 21% rise in Q1 2022 net profit at SAR 50.3 mln

Bawan posts 21% rise in Q1 2022 net profit at SAR 50.3 mln

28/04/2022 Argaam Exclusive

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Bawan Co. reported net profit after Zakat and tax of SAR 50.3 million for Q1 2022, an increase of 21% compared to SAR 41.7 million in the same period last year.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 862.12 893.11 3.6 %
Gross Income 102.46 117.59 14.8 %
Operating Income 49.61 64.46 29.9 %
Net Income 41.68 50.35 20.8 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.69 0.84 20.8 %

The profit growth came on the back of higher earnings from segments including metal and wood industries, electrical industries and concrete industries. The company also noted a SAR 0.9 million increase in profits from the disposal and evaluation of investment in financial assets at fair value through profit or loss.

 

This was offset by higher operating expenses, cost of finance, provision for expected credit losses on trade receivables and Zakat provision, along with lower net profit of the plastic industries segment.

 

When compared to the previous quarter, Q1 2022 net profit after Zakat and tax rose 12.9% from SAR 44.61 million.

 

Shareholders’ equity, after minority interest, increased to SAR 789.86 million as of March 31, 2022, from SAR 698.20 million a year earlier.

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