Bawan Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 3,020,204 | 3,351,813 | -9.89 | ||
| Gross Profit (Loss) | 368,971 | 385,734 | -4.34 | ||
| Operational Profit (Loss) | 155,092 | 177,130 | -12.44 | ||
| Net profit (Loss) | 106,032 | 136,040 | -22.06 | ||
| Total Comprehensive Income | 106,773 | 134,439 | -20.58 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 928,786 | 919,928 | 0.96 | ||
| Profit (Loss) per Share | 1.77 | 2.27 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Despite the increase in sales of the plastic and electric industries sectors supported by the increase in sales of the new products, the decrease in quantities sold of the metal products and the decrease in the average selling prices of the wood products mainly impacted the company's revenues, leading to a 9.9% decrease compared to the previous year. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reasons for the decrease in net profit during the current year compared to the previous year are mainly due to the following:
- The decrease in net profit of the metal and wood industries sector, mainly due to the decrease in average selling prices of the wood products and the decrease in quantities sold of the metal products. - The decrease in the other income and the profit of investment in financial assets at fair value. - The increase in the operational expenses associated with increased activity in the electrical and plastics industries sectors due to the new products. - The increase in the Zakat expenses. - The Company incurred consultants and finance costs amounted to SAR 7.3 million related to the acquisition of Petronash Holding Limited, which were recorded during the fourth quarter of the year.
This decrease comes despite the following:
- The increase in net profit of the plastic industries sector, mainly due to the increase in quantities sold supported by the increase in sales of the new products. - The decrease in finance cost. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | - It is worth noting that during the fourth quarter of 2024, the electrical and plastic industries sectors and the wood products achieved a noticeable growth in revenue compared to the fourth quarter of the previous year, mainly due to the increase in the quantities sold, which led to an increase in the gross profit.
- Also, the revenue of all sectors increased during the fourth quarter compared to the third quarter of 2024. - It is worth noting that Petronash Holdings Limited results have not been consolidated with Bawan Company’s results, and the consolidation will start during the first quarter of 2025. - Non-controlling interests during the year 2024 amounted to a net profit of 5.8 million Saudi Riyals, compared to a profit of 9 million Saudi Riyals in the previous year. |
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