Riyadh – Mubasher: Bawan Company recorded net profits valued at SAR 52.27 million in the first half (H1) of 2024, lower by 12.24% year-on-year (YoY) than SAR 59.56 million.

The revenues amounted to SAR 1.51 billion in H1-24, marking an annual decline of 8.67% from SAR 1.66 billion, according to the initial financial results.

Earnings per share (EPS) plummeted to SAR 0.87 as of 30 June 2024 from SAR 0.99 in H1-23.

Financials for Q2

In the second quarter (Q2) of 2024, the listed firm’s net profits hit SAR 23.12 million, down 7.65% YoY from SAR 25.03 million.

Revenues fell by 17.64% to SAR 632.56 million in April-June 2024 from SAR 768.07 million in Q2-23.

Quarter-on-quarter (QoQ), the net profits in Q2-24 plunged by 20.69% from SAR 29.15 million in Q1-24, while the revenues shrank by 28.43% from SAR 883.87 million.

Dividends for H1-24

The board of Bawan approved, on 4 August, cash dividends amounting to SAR 36 million for H1-24.

The company will distribute a dividend of SAR 0.60 per share, equivalent to 6% of the share nominal value, for 60 million eligible shares.

Eligibility and payment dates for the dividends will be 26 September and 10 October, respectively.