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Bawan Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 3,631,880 | 3,227,410 | 12.53 | ||
| Gross Profit (Loss) | 447,318 | 425,472 | 5.13 | ||
| Operational Profit (Loss) | 225,696 | 193,898 | 16.4 | ||
| Net Profit (Loss) after Zakat and Tax | 162,850 | 170,342 | -4.4 | ||
| Total Comprehensive Income | 174,976 | 172,994 | 1.15 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 863,489 | 739,513 | 16.76 | ||
| Profit (Loss) per Share | 2.71 | 2.84 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the decrease in net profit attributable to shareholders of the company during the current year by amount of SAR 7.5 million as compared to the previous year was mainly due to the following: - Achieving an exceptional non-recurring profit during the 4th quarter of the previous year by amount of SAR 15.3 million related to the insurance claim for the fire accident in one of the plastic sector factories, which was the main reason for the decrease in the other income as compared to the previous year. - The increase in the finance cost by amount of SAR 12.7 million due to the increase in the cost of borrowing associated with the increase in SIBOR rates. - The decrease in net profit of the metal and wood industries sector and the plastic industries sector, this was mainly due to the increase in the cost of revenue, which led to the decrease in profit margin. This decrease comes despite the following: - The increase of the Company’s sales by 12.5%. - The increase in net profit of the electrical industries sector by amount of SAR 20.3 million, as the sector achieved a net profit of SAR 27.4 million during the current year as compared to profit of SAR 7.1 million for the previous year, that was mainly due to the increase in sales affected by the increase in quantities sold and average selling prices, which led to an improvement in the profit margin. - Achieving a net profit in the concrete industries sector, as the sector achieved a net profit of SAR 16.2 million during the current year as compared to loss of SAR 18.1 million for the previous year, that was mainly due to the increase in sales affected by the increase in quantities sold and average selling prices, which led to an improvement in the profit margin - The decrease in the operational expenses by 4.3%. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | The Company achieved during the year 2022 a net operating profit of SAR 225.7 million, with growth of 16.4% as compared to the previous year. It is worth noting that during the fourth quarter of 2022, the company’s revenue amounted to SAR 950.5 million, with an increase of 12% as compared to the same quarter of the previous year. Also, the net profit during the fourth quarter of 2022, amounted to SAR 29.8 million, with an increase of 1.7% as compared to the same quarter of the previous year after excluding the exceptional non-recurring profit from the insurance claim mentioned above. Non-controlling interests share during the year 2022 amounted to a net profit of SAR 15.3 million as compared to a loss of SAR 0.3 million for the previous year. We would like to draw the shareholders’ attention to the fact that the consolidated financial statements for the year ended December 31, 2022 will be available on Bawan website, and the Investor Relations application, after being published on Tadawul website. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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