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Bawan sees profits near SAR 23m in Q3

Bawan sees profits near SAR 23m in Q3
Net profits rose to SAR 23.29 million in Q3-17, from SAR 21.1 million in Q3-16, according to a bourse filing
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Riyadh – Mubasher: Bawan Co on Thursday said its net profits increased by 10.36% year-on-year in the third quarter of 2017.

Net profits reached SAR 23.29 million in Q3-17, compared to SAR 21.1 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits soared 161.85%.

The firm attributed the growth in its year-on-year net profits to a decrease in operating and financing expenses, Zakat, income tax, and a rise in other revenues.

At the level of the first nine months of 2017, net profits retreated 47.7% to reach SAR 53.78 million, compared to SAR 102.85 million in the corresponding period in the year earlier.

Bawan Co’s stock shed 0.19, closing at SAR 16.02 on Thursday.