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Bawan reports 238.6% rise in 2020 profits

Bawan reports 238.6% rise in 2020 profits
The company registered SAR 90.17 million in net profit last year
BAWAN
1302
-0.29% 34.60 -0.10

Riyadh – Mubasher: Bawan Company reported a 238.57% rise in its net profit in 2020, as shown by the company’s annual financial results.

The firm registered SAR 90.17 million in net profit after Zakat and tax last year, compared with SAR 26.63 million in 2019, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

The rise in profits was attributed to the growth of gross profit, due to the increase in revenues and profit margin and the decline in finance costs, operational expenses, and the rise in other income.

In addition, the net profit growth came despite the increase in zakat expenses, loss from discontinued operation, and the decrease in the gain on disposal and valuation of investment in financial assets at fair value through profit or loss.