Bawan Co. announces its Interim Financial Results for the Period Ending on 2023-09-30 ( Nine Months )

01 November 2023 03:29 PM

Default Company 1302.O 0.00% 0.00 0.00

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.

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