Bawan Co.’s net profit slipped 4% to SAR 163 million in 2022, compared to SAR 170.3 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 3,227.41 | 3,364.26 | 4.2 % |
| Gross Income | 425.47 | 404.11 | (5.0 %) |
| Operating Income | 193.90 | 207.36 | 6.9 % |
| Net Income | 170.34 | 162.85 | (4.4 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 2.84 | 2.71 | (4.4 %) |
The company noted an exceptional non-recurring profit of SAR 15.3 million in Q4 2021, as insurance claim for a fire accident in one of its plastics segment factories.
Additionally, Bawan’s finance cost increased by SAR 12.7 million in 2022 due to higher cost of borrowing associated with the increase in SAIBOR rates.
The net profit of the metal and wood segment and the plastics segment decreased mainly due to the increase in the cost of revenue, which led to the decrease in profit margin.
Meanwhile, the company’s sales rose 12.5% year-on-year (YoY). The electrical segment’s net profit grew by SAR 20.3 million to SAR 27.4 million, and the concrete segment achieved a net profit of SAR 16.2 million in 2022 compared to a loss of SAR 18.1 million in the previous.
In addition, operational expenses decreased 4.3% YoY.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 849.04 | 859.94 | 1.3 % |
| Gross Income | 111.70 | 90.16 | (19.3 %) |
| Operating Income | 42.29 | 38.13 | (9.8 %) |
| Net Income | 44.61 | 29.83 | (33.1 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.74 | 0.50 | (33.1 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 812.96 | 859.94 | 5.8 % |
| Gross Income | 89.42 | 90.16 | 0.8 % |
| Operating Income | 47.38 | 38.13 | (19.5 %) |
| Net Income | 38.12 | 29.83 | (21.8 %) |
| Average Shares | 60.00 | 60.00 | - |
| EPS (Riyals) | 0.64 | 0.50 | (21.8 %) |
In Q4 2022, Bawan posted a 33% YoY decline in net profit after Zakat and tax to SAR 30 million.
On a sequential basis, Q4 profit fell 21.8% from SAR 38.12 million.
Shareholders’ equity, after minority interest, grew to SAR 863.48 million as of Dec. 31, 2022, from SAR 739.5 million a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
