Riyadh – Mubasher: The net profit after Zakat and tax of Bawan Company levelled up by 1.07% in the first quarter (Q1) of 2020, reaching SAR 15.21 million from SAR 15.04 million in the same period in 2019. 

Year-on-year (YoY), revenues leapt by 7.7% to stand at SAR 642.9 million, compared with SAR 596.8 million, according to a bourse statement on Wednesday.

The positive interim results are ascribed to higher gross profits due to growing revenues and profit margin, despite the SAR 7.1 million loss incurred from investment evaluation in financial assets at the fair value (FV) resulting from the subscription in Saudi Aramco’s first IPO.

Moreover, the company’s operating expenses increased, whereas other income, financial and Zakat expenses fell.