Bawan Co. incurred net losses of SAR 218.35 million for FY18, versus net profit of SAR 71.01 million a year earlier.
These losses were driven by SAR 189.2 million in non-operating and non-cash goodwill impairment after an acquisition deal.
The company also cited the allocation of SAR 25.8 million in provisions to hedge against receivables impairment at SAR 16.8 million and inventory impairment at SAR 9.0 million.
Also, the company reported lower revenue and profit margins during the period on soft demand and fierce competition
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