Bawan net profit up 6% to SAR 133 mln in 9M 2022, Q3 down 7% to SAR 38.1 mln

30/10/2022 Argaam Exclusive

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Bawan Co. reported a net profit after Zakat and tax of SAR 133 million in the first nine months of 2022, a 6% increase from compared to SAR 125.7 million in the year-ago period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	2,378.37	2,504.31	5.3 %
Gross Income	313.78	313.95	0.1 %
Operating Income	151.61	169.23	11.6 %
Net Income	125.74	133.02	5.8 %
Average Shares	60.00	60.00	-
EPS (Riyals)	2.10	2.22	5.8 %

The profit increase was driven by higher sales and profit of the electrical industries segment, concrete segment, and, metal and wood industries segment.

Meanwhile, the company saw a decline in operating expenses and no loss from discontinued operations compared to a loss of SAR 2.1 million for the same period of the previous year.

In Q3 2022, the net profit after Zakat and tax saw a 7% decline to SAR 38.1 million, from SAR 40.93 million in the year before, on lower profit of the plastic industries segment and higher financing costs.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	727.44	812.96	11.8 %
Gross Income	95.89	89.42	(6.7 %)
Operating Income	48.77	47.38	(2.9 %)
Net Income	40.93	38.12	(6.9 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.68	0.64	(6.9 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	798.25	812.96	1.8 %
Gross Income	106.94	89.42	(16.4 %)
Operating Income	57.39	47.38	(17.5 %)
Net Income	44.56	38.12	(14.4 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.74	0.64	(14.4 %)

Sequentially, the company’s net profit fell 14% from SAR 44.56 million in Q2 2022.

Shareholders’ equity, no minority interest, grew to SAR 821.54 million as of Sept. 30, 2022, from SAR 739.42 million in the year-earlier period.

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