Bawan profit dips 24% to SAR 75.7M in 9M 2024; Q3 net at SAR 23.4M

Bawan profit dips 24% to SAR 75.7M in 9M 2024; Q3 net at SAR 23.4M

03/11/2024 Argaam Exclusive

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Bawan Co.'s net profit dropped 24% to SAR 75.7 million in the first nine months of 2024, compared to SAR 99.7 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 2,492.54 2,199.03 (11.8 %)
Gross Income 278.56 249.45 (10.4 %)
Operating Income 131.35 103.89 (20.9 %)
Net Income 99.67 75.72 (24.0 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 1.66 1.26 (24.0 %)

The profit decline was attributed to a fall in net profit of the metal and wood industries segment, mainly due to a decline in sales volumes, along with lower average selling prices of wood products.

 

This is coupled with a drop in the net income of the electrical industries segment on subdued sales volumes. The company also reported a decline in other income and investment gains from financial assets at fair value.

 

On the other hand, the plastics segment reported higher revenue despite a drop on an annual basis amid lower sales quantities. Bawan recorded a decline in financing costs and operating expenses (OpEx).



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 832.01 682.60 (18.0 %)
Gross Income 99.02 81.55 (17.6 %)
Operating Income 47.33 33.72 (28.8 %)
Net Income 40.10 23.45 (41.5 %)
Average Shares 60.00 60.00 -
EPS (Riyals) 0.67 0.39 (41.5 %)

The third-quarter net profit fell 42% to SAR 23.4 million, from SAR 40.1 million in Q3 2023 as the net income of the metal and wood industries segment went down, mainly due to a decline in sales volumes, along with lower average selling prices of wood products. The company recorded profits from discontinued operations in Q3 2023 and reported higher Zakat charges.

 

Compared to Q2 2024, net earnings grew 1.4% from SAR 23.1 million, thanks to higher revenue from all segments, along with improved net income from the metal and wood industries segment and the plastics business.

 

On the other hand, net profit of the electrical industries declined on lower sales volumes.

 

Shareholders’ equity, after minority interest, reached SAR 897.73 million as of Sept. 30, 2024, up from SAR 885.16 million a year earlier.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q2 2023 768.08 (3.8 %) 83.96 (21.5 %) 36.19 (36.9 %)
Q3 2023 832.01 2.3 % 99.02 10.7 % 47.33 (0.1 %)
Q4 2023 859.28 (0.1 %) 107.18 18.9 % 45.78 20.1 %
Q1 2024 883.87 (1.0 %) 92.06 (3.5 %) 40.88 (14.3 %)
Q2 2024 632.57 (17.6 %) 75.83 (9.7 %) 29.30 (19.0 %)
Q3 2024 682.60 (18.0 %) 81.55 (17.6 %) 33.72 (28.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q2 2023 25.04 (43.8 %) 0.42 4.83 20.21 0.34
Q3 2023 40.10 5.2 % 0.67 2.91 37.20 0.62
Q4 2023 36.37 21.9 % 0.61 - 36.37 0.61
Q1 2024 29.15 (15.6 %) 0.49 - 29.15 0.49
Q2 2024 23.12 (7.7 %) 0.39 - 23.12 0.39
Q3 2024 23.45 (41.5 %) 0.39 - 23.45 0.39

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2023 10.77 % 7.51 % 3.68 %
Q3 2023 10.99 % 7.31 % 3.63 %
Q4 2023 11.50 % 7.47 % 3.83 %
Q1 2024 11.43 % 7.17 % 3.68 %
Q2 2024 11.66 % 7.08 % 3.92 %
Q3 2024 11.66 % - 3.66 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2023 60.00 2.13 2.04 14.73
Q3 2023 60.00 2.16 2.03 14.75
Q4 2023 60.00 2.27 2.14 15.33
Q1 2024 60.00 2.18 2.05 14.97
Q2 2024 60.00 2.15 2.10 15.17
Q3 2024 60.00 1.87 1.87 14.96

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2023 17.06 17.73 2.46
Q3 2023 15.24 16.21 2.23
Q4 2023 20.11 21.32 2.97
Q1 2024 21.61 22.97 3.14
Q2 2024 21.18 21.67 3.00
Q3 2024 22.40 22.40 2.80

Business Segments (Million)

Compared With The
Period Steel and Wood Electrical products Plastic concrete Iron Industry Wood Others
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 - - - -
Q2 2023 519.62 165.81 82.66 - - - -
Q3 2023 588.62 161.50 81.89 - - - -
Q4 2023 667.60 103.97 87.70 - - - -
Q1 2024 578.39 209.99 95.49 - - - -
Q2 2024 417.80 127.65 87.12 - - - -
Q3 2024 457.37 129.57 95.67 - - - -

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 31.00 23.45 (24.4 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
Al Rajhi Capital 31.00 23.45 (24.4) %


Financial Ratios
Current
Market Cap (M Riyal) 3,246.00
Enterprise Value (EV) (M) 3,633.79
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) 28.96
P/E (TTM) 28.96
Price/book 3.62
Return on Average Assets (%) (TTM) 5.4
Return on Average Equity (%) (TTM) 12.6
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Share Price

Bawan Co.
54.10
2.00 3.84 %

Bawan Co. (BAWAN)

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