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 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	893.11	798.25	(10.6 %)
Gross Income	117.59	106.94	(9.1 %)
Operating Income	64.46	57.39	(11.0 %)
Net Income	50.35	44.56	(11.5 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.84	0.74	(11.5 %)

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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