Riyadh – Mubasher: Bawan Holding’s profit surged 124.32% year-on-year to SAR 53.4 million ($14.24 million) in the second quarter of 2016 from SAR 23.8 million ($6.34 million).
The company attributed the net profit increase to higher profit margin that led to a gross profit growth, added to lower other revenues, according to a bourse filing on Wednesday.
Higher operating expenses, financial and Zakat expenses and non-controlling interests also contributed to the rise in profit.
The Saudi-listed company’s net profit rose 62.46% to SAR 83 million in H1-16 compared to SAR 51.13 million in the year-ago period.
