Bawan Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 768,076 | 798,250 | -3.78 | 892,451 | -13.94 |
| Gross Profit (Loss) | 83,958 | 106,936 | -21.49 | 95,583 | -12.16 |
| Operational Profit (Loss) | 36,191 | 57,393 | -36.94 | 47,833 | -24.34 |
| Net Profit (Loss) after Zakat and Tax | 25,036 | 44,555 | -43.81 | 34,532 | -27.5 |
| Total Comprehensive Income | 25,036 | 44,555 | -43.81 | 34,532 | -27.5 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 1,660,527 | 1,691,359 | -1.82 |
| Gross Profit (Loss) | 179,541 | 224,527 | -20.04 |
| Operational Profit (Loss) | 84,024 | 121,854 | -31.05 |
| Net Profit (Loss) after Zakat and Tax | 59,568 | 94,904 | -37.23 |
| Total Comprehensive Income | 59,568 | 94,904 | -37.23 |
| Total Share Holders Equity (after Deducting Minority Equity) | 884,057 | 834,417 | 5.95 |
| Profit (Loss) per Share | 0.99 | 1.58 | |
| 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 decrease in net profit during the current quarter compared to the same quarter of the previous year is mainly due to the following:
- The decrease in net profits of the metal and wood industries sector, mainly due to the decrease in average selling prices, which led to the decrease in profit margin. - The increase in the finance cost by amount of SAR 3.3 million due to the increase in the cost of borrowing associated with the increase in SIBOR rates. - The increase in the Zakat expense.
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 16.4 million during the current quarter compared to profit of SAR 4.6 million for the same quarter of the previous year, mainly due to the increase in quantities sold, which led to the increase in profit margin. - The decrease in the operational expenses. - The increase in the other income and the profit of investment in financial assets at fair value. |
| 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 main reasons for the decrease in net profit during the current quarter compared to the previous quarter is due to the following:
- The decrease in net profits of the metal products, and the electric industries sectors, mainly due to the decrease in average selling prices, which led to the decrease in profit margin. - The increase in the loss from discontinued operations related to the concrete industries sector, which the company announced lately the signing of a binding memorandum of understanding to sell its entire share in it. - The decrease in the profit of investment in financial assets at fair value.
This decrease comes despite the following:
- The decrease in the finance cost by 14% due to the decrease in the company's total debt. - The increase in the other income. |
| 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 industries sector, mainly due to the decrease in average selling prices, which led to the decrease in profit margin. - The increase in the finance cost by amount of SAR 9.2 million due to the increase in the cost of borrowing associated with the increase in SIBOR rates. - The increase in the loss from discontinued operations related to the concrete industries sector, which amounted to SAR 5.4 million during the current period compared to a loss of SAR 2.1 million for the same period of the previous year.
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 41.3 million during the current period compared to a profit of SAR 9.6 million for the same period of the previous year, mainly due to the increase in quantities sold, and average selling prices, which led to the increase in profit margin. - The decrease in the operational and Zakat expenses. - The increase in the other income and the profit of investment in financial assets at fair value. |
| 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 4.2 million as compared to a profit of SAR 3.4 million for the same period of the previous year.
It should be noted that the company signed a binding memorandum of understanding to sell its entire share in the concrete industries sector, and therefore the results of the sector were included in the discontinued operations, and accordingly the comparative figures for the previous quarter were adjusted to reflect a fair comparison with the results of the current quarter. Please refer to Note No. 15 in the financial statements for more information. |
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