Bawan says no significant impact of COVID-19 on Q3 financial performance

Bawan Co. said in its investors presentation for Q3 2020 financial results that it is difficult to measure the economic impact of COVID-19 on its business, as the pandemic might affect its revenues, product availability and customers’ timely payment of dues.

The company said that the management, based on its assessment of the current situation and available information, believes that there has been no significant impact of COVID-19 on its financial results.

The firm has enough liquidity and access to financing facilities to continue fulfilling its financial obligations in the near term, it further added.

The Tadawul-listed firm is monitoring the situation and taking the necessary precautionary measures to ensure business continuity as well as the safety of its employees and customers.

Meanwhile, Bawan is in the process of collecting the compensation from the insurance company for the fire that broke out at one of its plastics plants, noting that the insurance claim is still under study.

Bawan posted a net profit of SAR 29.6 million for Q3 2020, compared to SAR 3.3 million in the same period a year earlier, Argaam earlier reported.