Bawan net profit down 12% to SAR 52.3M in H1 2024; Q2 net profit at SAR 23.1M

04/08/2024 Argaam Exclusive

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Bawan Co.'s net profit was down by 12% year-on-year to SAR 52.3 million by the end of H1 2024, compared to SAR 59.6 million, according to a statement to Tadawul.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	1,660.53	1,516.44	(8.7 %)
Gross Income	179.54	167.90	(6.5 %)
Operating Income	84.02	70.18	(16.5 %)
Net Income	59.57	52.27	(12.2 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.99	0.87	(12.2 %)

The company's Q2 net profit fell by 7.6% YoY to SAR 23.12 million, from SAR 25.03 million in Q2 2023.

The profit decline was ascribed to a fall in net profit of the electrical industries segment, mainly due to the decrease in quantities sold. This is coupled with a drop in net income of the metal and wood industries segment.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	768.08	632.57	(17.6 %)
Gross Income	83.96	75.83	(9.7 %)
Operating Income	36.19	29.30	(19.0 %)
Net Income	25.04	23.12	(7.7 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.42	0.39	(7.7 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	883.87	632.57	(28.4 %)
Gross Income	92.06	75.83	(17.6 %)
Operating Income	40.88	29.30	(28.3 %)
Net Income	29.15	23.12	(20.7 %)
Average Shares	60.00	60.00	-
EPS (Riyals)	0.49	0.39	(20.7 %)

Shareholders' equity, no minority interest, amounted to SAR 910.2 million, compared to SAR 884.05 million in prior-year period.

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