Bawan Q1 2023 net profit down 31% to SAR 34.5 mln

Bawan Q1 2023 net profit down 31% to SAR 34.5 mln

08/05/2023 Argaam Exclusive

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Bawan Co. reported a net profit of SAR 34.5 million in Q1 2023, a decline of 31% from SAR 50.4 million in the year earlier period, driven by lower income from the metal and wood industries segment, on a decrease in profit margins. Bawan also cited realized loss in the concrete industries segment due to lower quantities sold.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 893.11 892.45 (0.1 %)
Gross Income 117.59 95.44 (18.8 %)
Operating Income 64.46 47.69 (26.0 %)
Net Income 50.35 34.53 (31.4 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.84 0.58 (31.4 %)

Cost of finance also increased by SAR 6 million during the period.

 

On a quarterly basis, net earnings increased by 15.8% from SAR 29.83 million, spurred by lower operating and Zakat expenses, and decreased cost of finance.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 859.02 million as of March 31, 2023, compared to SAR 789.86 million in a prior-year period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 773.49 35.3 % 113.12 37.0 % 68.46 38.7 %
Q2 2014 758.47 22.4 % 107.51 2.2 % 60.40 (12.4 %)
Q3 2014 613.76 (0.4 %) 92.10 (18.2 %) 55.35 (25.7 %)
Q4 2014 654.49 2.1 % 81.30 (12.8 %) 35.84 (22.1 %)
Q1 2015 661.53 (14.5 %) 76.76 (32.1 %) 35.76 (47.8 %)
Q2 2015 646.04 (14.8 %) 71.90 (33.1 %) 30.01 (50.3 %)
Q3 2015 546.48 (11.0 %) 70.02 (24.0 %) 29.19 (47.3 %)
Q4 2015 549.94 (16.0 %) 76.47 (5.9 %) 28.87 (19.5 %)
Q1 2016 611.19 (7.6 %) 83.15 8.3 % 39.89 11.5 %
Q2 2016 642.66 (0.5 %) 120.65 67.8 % 65.53 118.3 %
Q3 2016 535.02 (2.1 %) 73.70 5.3 % 32.59 11.6 %
Q4 2016 529.76 (3.7 %) 74.24 (2.9 %) 23.17 (19.7 %)
Q1 2017 549.99 (10.0 %) 68.85 (17.2 %) 30.49 (23.6 %)
Q2 2017 475.66 (26.0 %) 53.25 (55.9 %) 17.21 (73.7 %)
Q3 2017 506.94 (5.2 %) 62.89 (14.7 %) 29.14 (10.6 %)
Q4 2017 596.16 12.5 % 78.21 5.3 % 30.50 31.6 %
Q1 2018 522.35 (5.0 %) 56.60 (17.8 %) 18.84 (38.2 %)
Q2 2018 465.77 (2.1 %) 39.73 (25.4 %) 5.50 (68.1 %)
Q3 2018 443.81 (12.5 %) 40.11 (36.2 %) 5.02 (82.8 %)
Q4 2018 521.52 (12.5 %) 19.14 (75.5 %) (29.82) (197.8 %)
Q1 2019 596.81 14.3 % 71.18 25.8 % 23.52 24.8 %
Q2 2019 519.17 11.5 % 58.94 48.4 % 12.47 126.9 %
Q3 2019 525.59 18.4 % 57.07 42.3 % 12.34 145.8 %
Q4 2019 593.66 13.8 % 62.00 223.9 % 4.37 114.7 %
Q1 2020 644.14 7.9 % 80.24 12.7 % 31.66 34.6 %
Q2 2020 520.90 0.3 % 61.21 3.8 % 18.76 50.4 %
Q3 2020 548.78 4.4 % 86.93 52.3 % 36.41 195.1 %
Q4 2020 709.46 19.5 % 113.49 83.0 % 41.57 851.1 %
Q1 2021 862.12 33.8 % 102.46 27.7 % 49.61 56.7 %
Q2 2021 788.82 51.4 % 115.43 88.6 % 53.23 183.8 %
Q3 2021 727.44 32.6 % 95.89 10.3 % 48.77 33.9 %
Q4 2021 849.04 19.7 % 111.70 (1.6 %) 42.29 1.7 %
Q1 2022 893.11 3.6 % 117.59 14.8 % 64.46 29.9 %
Q2 2022 798.25 1.2 % 106.94 (7.4 %) 57.39 7.8 %
Q3 2022 812.96 11.8 % 89.42 (6.7 %) 47.38 (2.9 %)
Q4 2022 859.94 1.3 % 90.16 (19.3 %) 38.13 (9.8 %)
Q1 2023 892.45 (0.1 %) 95.44 (18.8 %) 47.69 (26.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 46.72 15.8 % 0.78 (6.23) 52.95 0.88
Q2 2014 47.10 7.1 % 0.79 3.80 43.30 0.72
Q3 2014 45.42 1.0 % 0.76 1.00 44.42 0.74
Q4 2014 37.22 (4.3 %) 0.62 13.04 24.17 0.40
Q1 2015 27.33 (41.5 %) 0.46 - 27.33 0.46
Q2 2015 23.81 (49.5 %) 0.40 - 23.81 0.40
Q3 2015 20.13 (55.7 %) 0.34 - 20.13 0.34
Q4 2015 16.88 (54.6 %) 0.28 - 16.88 0.28
Q1 2016 28.52 4.4 % 0.48 - 28.52 0.48
Q2 2016 53.22 123.6 % 0.89 - 53.22 0.89
Q3 2016 21.11 4.9 % 0.35 - 21.11 0.35
Q4 2016 11.52 (31.8 %) 0.19 - 11.52 0.19
Q1 2017 21.59 (24.3 %) 0.36 - 21.59 0.36
Q2 2017 8.90 (83.3 %) 0.15 - 8.90 0.15
Q3 2017 23.29 10.4 % 0.39 - 23.29 0.39
Q4 2017 17.23 49.6 % 0.29 - 17.23 0.29
Q1 2018 14.02 (35.1 %) 0.23 - 14.02 0.23
Q2 2018 1.60 (82.0 %) 0.03 - 1.60 0.03
Q3 2018 (4.13) (117.7 %) (0.07) - (4.13) (0.07)
Q4 2018 (229.84) (1433.9 %) (3.83) (189.17) (40.68) (0.68)
Q1 2019 15.04 7.3 % 0.25 - 15.04 0.25
Q2 2019 3.03 89.3 % 0.05 - 3.03 0.05
Q3 2019 3.26 179.1 % 0.05 - 3.26 0.05
Q4 2019 5.30 102.3 % 0.09 13.12 (7.82) (0.13)
Q1 2020 15.21 1.1 % 0.25 (7.06) 22.26 0.37
Q2 2020 15.46 410.9 % 0.26 3.25 12.21 0.20
Q3 2020 29.58 806.7 % 0.49 4.70 24.87 0.41
Q4 2020 29.92 464.7 % 0.50 0.96 28.96 0.48
Q1 2021 41.68 174.1 % 0.69 - 41.68 0.69
Q2 2021 43.12 178.8 % 0.72 - 43.12 0.72
Q3 2021 40.93 38.4 % 0.68 - 40.93 0.68
Q4 2021 44.61 49.1 % 0.74 5.31 39.30 0.65
Q1 2022 50.35 20.8 % 0.84 - 50.35 0.84
Q2 2022 44.56 3.3 % 0.74 - 44.56 0.74
Q3 2022 38.12 (6.9 %) 0.64 - 38.12 0.64
Q4 2022 29.83 (33.1 %) 0.50 - 29.83 0.50
Q1 2023 34.53 (31.4 %) 0.58 - 34.53 0.58

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 16.01 % 11.23 % 7.36 %
Q2 2014 15.29 % 10.41 % 6.54 %
Q3 2014 14.57 % 9.81 % 6.02 %
Q4 2014 14.07 % 9.60 % 5.89 %
Q1 2015 13.30 % 8.89 % 5.18 %
Q2 2015 12.50 % 8.18 % 4.65 %
Q3 2015 11.96 % 7.43 % 3.80 %
Q4 2015 12.28 % 7.47 % 3.67 %
Q1 2016 12.81 % 7.81 % 3.80 %
Q2 2016 14.90 % 9.35 % 5.05 %
Q3 2016 15.13 % 9.52 % 5.12 %
Q4 2016 15.17 % 9.26 % 4.93 %
Q1 2017 14.95 % 9.12 % 4.76 %
Q2 2017 12.92 % 7.55 % 3.02 %
Q3 2017 12.57 % 7.50 % 3.17 %
Q4 2017 12.36 % 7.64 % 3.34 %
Q1 2018 11.94 % 7.16 % 3.02 %
Q2 2018 11.35 % 6.60 % 2.68 %
Q3 2018 10.58 % 5.59 % 1.42 %
Q4 2018 7.96 % 2.70 % (1.49 %)
Q1 2019 8.39 % 3.04 % (1.39 %)
Q2 2019 9.10 % 3.54 % (1.28 %)
Q3 2019 9.54 % 3.97 % (0.89 %)
Q4 2019 11.15 % 5.57 % 0.60 %
Q1 2020 11.31 % 5.80 % 0.91 %
Q2 2020 11.40 % 6.05 % 1.31 %
Q3 2020 12.58 % 7.09 % 2.23 %
Q4 2020 14.11 % 8.54 % 3.64 %
Q1 2021 13.78 % 8.52 % 4.08 %
Q2 2021 14.38 % 8.97 % 4.77 %
Q3 2021 13.84 % 8.80 % 5.01 %
Q4 2021 13.18 % 8.28 % 5.11 %
Q1 2022 13.52 % 8.70 % 5.33 %
Q2 2022 13.22 % 8.74 % 5.36 %
Q3 2022 12.69 % 8.60 % 5.14 %
Q4 2022 12.01 % 8.46 % 4.84 %
Q1 2023 11.36 % 7.99 % 4.37 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 60.00 2.91 3.25 12.68
Q2 2014 60.00 2.96 3.04 12.18
Q3 2014 60.00 2.97 2.80 12.51
Q4 2014 60.00 2.94 2.75 12.66
Q1 2015 60.00 2.62 2.32 12.69
Q2 2015 60.00 2.23 2.00 12.66
Q3 2015 60.00 1.81 1.59 12.79
Q4 2015 60.00 1.47 1.47 12.79
Q1 2016 60.00 1.49 1.49 13.02
Q2 2016 60.00 1.98 1.98 13.65
Q3 2016 60.00 2.00 2.00 13.62
Q4 2016 60.00 1.91 1.91 13.52
Q1 2017 60.00 1.79 1.79 13.64
Q2 2017 60.00 1.05 1.05 13.39
Q3 2017 60.00 1.09 1.09 13.78
Q4 2017 60.00 1.18 1.18 14.03
Q1 2018 60.00 1.06 1.06 13.84
Q2 2018 60.00 0.94 0.94 13.86
Q3 2018 60.00 0.48 0.48 13.80
Q4 2018 60.00 (3.64) (0.49) 10.11
Q1 2019 60.00 (3.62) (0.47) 10.36
Q2 2019 60.00 (3.60) (0.45) 10.42
Q3 2019 60.00 (3.48) (0.32) 10.48
Q4 2019 60.00 0.44 0.23 10.44
Q1 2020 60.00 0.45 0.35 10.68
Q2 2020 60.00 0.65 0.50 10.94
Q3 2020 60.00 1.09 0.86 11.43
Q4 2020 60.00 1.50 1.47 11.54
Q1 2021 60.00 1.94 1.80 11.64
Q2 2021 60.00 2.41 2.31 12.36
Q3 2021 60.00 2.59 2.58 12.32
Q4 2021 60.00 2.84 2.75 12.33
Q1 2022 60.00 2.98 2.90 13.16
Q2 2022 60.00 3.01 2.92 13.91
Q3 2022 60.00 2.96 2.87 13.69
Q4 2022 60.00 2.71 2.71 14.39
Q1 2023 60.00 2.45 2.45 14.32

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 16.90 15.13 3.88
Q2 2014 21.00 20.46 5.10
Q3 2014 22.05 23.40 5.23
Q4 2014 13.46 14.41 3.13
Q1 2015 15.62 17.62 3.22
Q2 2015 18.03 20.15 3.18
Q3 2015 15.58 17.70 2.20
Q4 2015 15.89 15.89 1.83
Q1 2016 11.49 11.49 1.31
Q2 2016 11.78 11.78 1.71
Q3 2016 8.58 8.58 1.26
Q4 2016 11.87 11.87 1.67
Q1 2017 10.81 10.81 1.42
Q2 2017 16.67 16.67 1.31
Q3 2017 15.70 15.70 1.24
Q4 2017 14.80 14.80 1.25
Q1 2018 16.31 16.31 1.25
Q2 2018 18.30 18.30 1.23
Q3 2018 29.58 29.58 1.03
Q4 2018 NEG NEG 1.31
Q1 2019 NEG NEG 1.36
Q2 2019 NEG NEG 1.31
Q3 2019 NEG NEG 1.41
Q4 2019 36.18 71.30 1.54
Q1 2020 24.86 32.12 1.04
Q2 2020 19.94 26.15 1.19
Q3 2020 17.23 21.92 1.65
Q4 2020 16.53 16.88 2.15
Q1 2021 16.74 18.13 2.80
Q2 2021 16.84 17.53 3.28
Q3 2021 16.71 16.81 3.52
Q4 2021 12.35 12.74 2.84
Q1 2022 11.13 11.47 2.52
Q2 2022 9.54 9.83 2.06
Q3 2022 11.91 12.27 2.57
Q4 2022 10.81 10.81 2.04
Q1 2023 11.51 11.51 1.97

Business Segments (Million)

Compared With The
Period Steel and Wood Electrical products Plastic concrete Iron Industry Wood Others
Q1 2014 - 214.90 - 49.87 354.48 154.23 -
Q2 2014 - 213.59 - 48.86 330.29 165.73 -
Q3 2014 - 140.24 - 38.50 243.33 191.69 -
Q4 2014 - 119.18 - 53.22 316.65 165.44 -
Q1 2015 - 90.02 - 57.09 330.33 184.08 -
Q2 2015 - 113.47 - 51.96 301.33 179.29 -
Q3 2015 - 119.82 - 46.97 215.28 164.41 -
Q4 2015 - 146.98 - 51.18 200.32 151.46 -
Q1 2016 398.15 161.52 - 51.52 - - -
Q2 2016 406.92 184.17 - 51.57 - - -
Q3 2016 325.99 165.20 - 43.83 - - -
Q4 2016 365.21 116.84 - 47.70 - - -
Q1 2017 390.68 110.76 - 48.56 - - -
Q2 2017 337.01 94.47 - 44.18 - - -
Q3 2017 400.03 63.71 - 43.20 - - -
Q4 2017 455.36 91.42 - 49.38 - - -
Q1 2018 408.92 75.86 - 37.58 - - -
Q2 2018 366.07 67.85 - 31.85 - - -
Q3 2018 344.77 59.99 - 39.06 - - -
Q4 2018 417.37 58.45 - 45.70 - - -
Q1 2019 404.71 66.12 75.71 50.27 - - -
Q2 2019 323.14 68.05 82.88 45.10 - - -
Q3 2019 332.42 67.62 75.16 50.39 - - -
Q4 2019 403.10 59.25 76.31 55.01 - - -
Q1 2020 450.93 72.47 73.18 47.57 - - -
Q2 2020 350.47 78.94 56.95 34.55 - - -
Q3 2020 343.45 94.27 63.06 48.00 - - -
Q4 2020 495.11 96.22 69.70 48.43 - - -
Q1 2021 601.67 136.63 81.02 42.80 - - -
Q2 2021 552.98 118.87 86.38 30.59 - - -
Q3 2021 499.75 103.52 81.64 42.52 - - -
Q4 2021 584.15 89.85 115.91 59.13 - - -
Q1 2022 618.82 179.63 94.66 57.32 - - -
Q2 2022 564.05 139.59 94.62 - - - -
Q3 2022 594.44 129.11 89.41 - - - -
Q4 2022 612.18 160.32 87.45 - - - -
Q1 2023 591.51 206.48 94.47 - - - -

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 34.97 34.53 (1.2 %)

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
OSOOL AND BAKHEET 33.93 34.53 1.8 %
Al Rajhi Capital 36.00 34.53 (4.1) %


Financial Ratios
Current
Market Cap (M Riyal) 2,949.00
Enterprise Value (EV) (M) 3,336.79
Shares Outstanding ((M)) 60.00
EPS ( Riyal) (TTM) 1.87
Book Value (BV) ( Riyal) 14.96
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 26.31
P/E (TTM) 26.31
Price/book 3.28
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 12.6
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Share Price

Bawan Co.
49.15
0.15 0.31 %

Bawan Co. (BAWAN)

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