Riyadh – Mubasher: Bawan Holding reported a net profit of SAR 14.2 million ($3.79 million) for the fourth quarter of 2016, up 15.86% from SAR 16.88 million ($4.5 million) in the same period last year.
The rise in the net profit was attributable to lower revenues, which led to lower gross profits, and higher other expenses, financing expenses, Zakat and income tax, according to a bourse filing on Tuesday.
The company's profits increased 35.06% to SAR 119.1 million in 2016 from SAR 88.15 million in 2015.
Bawan's results in Q4 came below the estimates if Riyad Capital of SAR 24 million, with a 40.42% retreat.
