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.
| 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.
| 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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