Financial Results : Bawan’s Q1 2024 net profit drops 16% to SAR 29.2M

Bawan’s Q1 2024 net profit drops 16% to SAR 29.2M

06/05/2024 Argaam Exclusive

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Bawan Co. reported a net profit of SAR 29.2 million in Q1 2024, a drop of 16%, from SAR 34.5 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 892.45 883.87 (1.0 %)
Gross Income 95.44 92.06 (3.5 %)
Operating Income 47.69 40.88 (14.3 %)
Net Income 34.53 29.15 (15.6 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.58 0.49 (15.6 %)

This was attributed to lower average selling prices, which led to a 1% year-on-year (YoY) decrease in revenues. The company also cited lower net profit from the electrical industries segment, mainly due to lower quantities sold.

 

The company’s operating and Zakat expenses increased amid lower profit of investments in financial assets at fair value through profit or loss.

 

Meanwhile, this was offset by a 21% YoY decline in cost of finance on lower company’s debt.

 

On a quarterly basis, Q1 2024 net earnings declined 19.8% from SAR 36.37 million.

 

Shareholders’ equity, after minority interest, reached SAR 898.08 million by March 31, 2024, compared to SAR 859.02 million in the prior-year period.

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