Bawan posts 86% net profit growth in 9M 2019

05/11/2019 Argaam Exclusive

Bawan Co. reported a net profit of SAR 21.3 million in the first nine months of 2019, an increase by 86 percent year-on-year (YoY), compared to SAR 11.5 million during the same period in 2018, the company said in a bourse filing.



Financials (M)

Item 9m 2018 9m 2019 Change‬
Revenues 1,431.94 1,641.57 14.6 %
Gross Income 136.44 187.19 37.2 %
Operating Income 29.36 48.33 64.6 %
Net Income 11.49 21.33 85.7 %
Average Shares 60.00 60.00 -
EPS (Riyals) 0.19 0.36 85.7 %

The profit increase is attributed to higher income backed by increased revenues and profit margin, along with an increase of other revenues, and operational costs, and lower Zakat and income tax.

 

The company reported a net profit after Zakat and tax of SAR 3.26 million in the third quarter of 2019 as compared to a net loss of SAR 4.12 million in the same period in 2018 on higher income.

 

On a sequential basis, Q3 net profit increased on higher revenues.



Current Quarter Comparison (M)

Compared With The
Item Q3 2018 Q3 2019 Change‬
Revenues 443.81 525.59 18.4 %
Gross Income 40.11 57.07 42.3 %
Operating Income 5.02 12.34 145.8 %
Net Income (4.13) 3.26 179.1 %
Average Shares 60.00 60.00 -
EPS (Riyals) (0.07) 0.05 179.1 %

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