Bawan’s profits jump 89% in 2021 to 170 million riyals

announced Bowen CompanyToday, Monday, it announced the annual financial results for 2021, achieving a net profit growth of 88.9%.

The company’s data on the Saudi Tadawul website showed that its profits amounted to 170 million riyals, compared to 90 million riyals in 2020.

Revenues increased by 33% to reach 3.227 billion riyals, compared to 2.4 billion riyals during 2020.

The company attributed the increase in profits to the increase in sales and net profits of the metal and wood industries sector, mainly affected by the increase in quantities and average selling prices of metal and wood products, despite the decrease in the profit margin of metal products as a result of the increase in raw materials prices.

It also attributed this to the improvement in the results of the electrical industries sector, where the sector achieved a net profit of 7.1 million riyals during the year 2021, compared to losses of 40.5 million riyals during the year 2020, mainly due to the increase in sales and profit margins supported by the improvement in average selling prices.

The net profit during the fourth quarter of 2021G amounted to 44.6 million riyals, an increase of 49.1% compared to the net profit for the same quarter of the previous year.

In a related context, the company announced the decision of its board of directors to distribute cash dividends to shareholders for the second half of the fiscal year 2021.

She added that the total amount to be distributed is 45 million riyals, which is distributed over 60 million shares. The share of the dividend is 0.75 riyals.

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