Bawan Co. reported a net profit of SAR 34.5 million in Q1 2023, a decline of 31% from SAR 50.4 million in the year earlier period, driven by lower income from the metal and wood industries segment, on a decrease in profit margins. Bawan also cited realized loss in the concrete industries segment due to lower quantities sold.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 893.11 | 892.45 | (0.1 %) |
| Gross Income | 117.59 | 95.44 | (18.8 %) |
| Operating Income | 64.46 | 47.69 | (26.0 %) |
| Net Income | 50.35 | 34.53 | (31.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.84 | 0.58 | (31.4 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 859.94 | 892.45 | 3.8 % |
| Gross Income | 90.16 | 95.44 | 5.9 % |
| Operating Income | 38.13 | 47.69 | 25.1 % |
| Net Income | 29.83 | 34.53 | 15.8 % |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.50 | 0.58 | 15.8 % |
Cost of finance also increased by SAR 6 million during the period.
On a quarterly basis, net earnings increased by 15.8% from SAR 29.83 million, spurred by lower operating and Zakat expenses, and decreased cost of finance.
Total shareholders’ equity, excluding minority interest, stood at SAR 859.02 million as of March 31, 2023, compared to SAR 789.86 million in a prior-year period.
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