Bawan’s Q1-24 profits fall 15.5%; revenues near SAR 884m

Bawan’s Q1-24 profits fall 15.5%; revenues near SAR 884m

Riyadh – Mubasher: Bawan Company posted a 15.57% year-on-year (YoY) decrease in net profit to SAR 29.15 million during the first quarter (Q1) of 2024, compared to SAR 34.53 million. The Saudi firm posted revenues amounting to SAR 883.87 million in January-March 2024, down 0.96% from SAR 892.45 million in Q1-23, according to the interim financials. The earnings per share (EPS) declined to SAR 0.49 in the first three months (3M) of 2024 from SAR 0.58 a year earlier. On a quarterly basis, the Q1-24 net profits fell by 19.84% from SAR 36.36 million in Q4-23, while the revenues rose by 2.86% from SAR 859.27 million. In 2023, Bawan witnessed 16.46% lower net profits at SAR 136.04 million, compared to SAR 162.85 million as of 31 December 2022.

Bawan’s Q1-24 profits fall 15.5%; revenues near SAR 884m