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Bawan Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 832,011 | 812,955 | 2.34 | 768,076 | 8.32 |
| Gross Profit (Loss) | 99,015 | 89,421 | 10.73 | 83,958 | 17.93 |
| Operational Profit (Loss) | 47,326 | 47,375 | -0.1 | 36,191 | 30.77 |
| Net Profit (Loss) after Zakat and Tax | 40,104 | 38,120 | 5.2 | 25,036 | 60.19 |
| Total Comprehensive Income | 40,104 | 38,120 | 5.2 | 25,036 | 60.19 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 2,492,538 | 2,504,314 | -0.47 |
| Gross Profit (Loss) | 278,556 | 313,948 | -11.27 |
| Operational Profit (Loss) | 131,350 | 169,229 | -22.38 |
| Net Profit (Loss) after Zakat and Tax | 99,672 | 133,024 | -25.07 |
| Total Comprehensive Income | 99,672 | 133,024 | -25.07 |
| Total Share Holders Equity (after Deducting Minority Equity) | 885,161 | 821,537 | 7.74 |
| Profit (Loss) per Share | 1.66 | 2.22 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the increase in net profit during the current quarter compared to the same quarter of the previous year is mainly due to the following: - The increase in the group’s revenue which led to an increase in the profit margin. - The increase in net profit of the metal and wood industries sector, mainly due to the increase in quantities sold, which led to an increase in the profit margin. - The increase in net profit of the electrical industries sector, mainly due to the increase in quantities sold and average selling prices, which led to an increase in the profit margin. - The increase in the other income and the decrease in the Zakat expense. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the increase in net profit during the current quarter compared to the previous quarter is mainly due to the following: - The increase in the group’s revenue which led to an increase in the profit margin. - The increase in net profit of the metal and wood industries sector, mainly due to the increase in quantities sold, which led to an increase in the profit margin. - The decrease in the Zakat expenses. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for the decrease in net profit during the current period compared to the same period of the previous year is mainly due to the following: - The decrease in net profits of the metal and wood and plastic industries sector, mainly due to the decrease in average selling prices, which led to a decrease in the profit margin. - The increase in the finance cost due to the increase in the cost of borrowing associated with the increase in SIBOR rates. - Realizing loss from discontinued operations related to the concrete industries sector, which amounted to SAR 2.5 million. - The increase in the operational expenses. This decrease comes despite the following: - The increase in net profit of the electrical industries sector, as the sector achieved a net profit of SAR 49.8 million during the current period compared to a profit of SAR 17.7 million for the same period of the previous year, mainly due to the increase in quantities sold, and average selling prices, which led to an increase in the profit margin. - The increase in the other income and the profit of investment in financial assets at fair value. - The decrease in the Zakat expenses. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | Non-controlling interests share during the period amounted to a net profit of SAR 6.9 million as compared to a profit of SAR 8.4 million for the same period of the previous year. It should be noted that the company signed a sale and purchase agreement to sell its entire share in the concrete industries sector, and therefore the results of the sector were included in the discontinued operations. Please refer to Note No. 15 in the financial statements for more information. |
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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