Financial Results : Bawan net profit rises 12% to SAR 94.9 mln in H1 2022, Q2 up to SAR 44.6 mln

Bawan net profit rises 12% to SAR 94.9 mln in H1 2022, Q2 up to SAR 44.6 mln

09/08/2022 Argaam Exclusive

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Bawan Co. reported a net profit after Zakat and tax of SAR 94.9 million in H1 2022, a rise of 12% from SAR 84.8 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 1,650.94 1,691.36 2.4 %
Gross Income 217.89 224.53 3.0 %
Operating Income 102.84 121.85 18.5 %
Net Income 84.80 94.90 11.9 %
Average Shares 60.00 60.00 -
EPS (Riyals) 1.41 1.58 11.9 %

The profit rise was driven by an increase in the net profit of the electrical industries sector, as well as metal and wood industries sector, along with a decrease in net losses of the concrete industries sector. 

 

The firm also noted lower operational expenses, absence of losses from discontinued operations, and an increase of SAR 1.5 million in the gain on disposal of investment in financial assets at fair value through profit or loss. 

 

The gain in earnings was offset by a decrease in net profit of the plastic industries sector, higher finance cost, and a decrease in other income. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 788.82 798.25 1.2 %
Gross Income 115.43 106.94 (7.4 %)
Operating Income 53.23 57.39 7.8 %
Net Income 43.12 44.56 3.3 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.72 0.74 3.3 %

Q2 2022 net profit after Zakat and tax edged up 3% year-on-year (YoY) to SAR 44.6 million.

 

On a sequential basis, Q2 2022 net profit fell 11.5% from SAR 50.35 million.

 

Shareholders’ equity, after minority interest, stood at SAR 834.41 million as of June 30, 2022, from SAR 741.32 million a year earlier.

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