Riyadh – Mubasher: Bawan Company recorded an annual drop of 16.46% in net profit to SAR 136.04 million during January-December 2023, compared to SAR 162.85 million.
The revenues inched down by 0.37% year-on-year (YoY) to SAR 3.35 billion in 2023 from SAR 3.36 billion, according to the annual financials.
Bawan highlighted that the decrease in average selling prices in the metal and wood industries sector negatively affected its revenues.
Earnings per share (EPS) hit SAR 2.27 last year, lower than SAR 2.71 as of 31 December 2022.
In the fourth quarter (Q4) of 2023, the company’s net profit surged by 22% YoY to SAR 36.40 million. This was mainly due to the improvement in the profit margin of the metal, wood, and plastic industries sectors and the decrease in financing costs.
As of 30 September 2023, the net profits after Zakat and tax plunged by 26.73% to SAR 99.67 million from SAR 133.02 million during the same period in 2022.
Dividends
The company's board members recommended cash dividends amounting to SAR 51 million for the second half (H2) of 2024.
A dividend of SAR 0.85 per share will be distributed to 60 million eligible shareholders.
Eligibility and payment dates for the H2-23 dividends will be 3 and 29 April 2024, respectively.
The board proposed the cash dividends, which represent 8.50% of the company's capital, on 29 February.
