Latest news with #BawanCo
Argaam
5 days ago
- Business
- Argaam
Bawan has confirmed contracts of over SAR 2.8B, sees SAR 30M profit share from Petronash: CEO
Mohammed Al Balawi, CEO of Bawan Co., gave a bullish outlook for the company's financial results this year, noting that all of its products see strong demand with confirmed contracts at a total value exceeding SAR 2.8 billion. Speaking to Argaam in a phone call, Al-Balawi said that Bawan has embarked on a certain strategy in 2022, which starts with exiting the concrete industry sector, followed by increasing its holding in the electrical industries sector, given its promising outlook and attractive profit margins.
Arab News
5 days ago
- Business
- Arab News
Closing Bell: Saudi main index closes in red at 10,930
RIYADH: Saudi Arabia's Tadawul All Share Index declined on Thursday, losing 16.44 points, or 0.15 percent, to close at 10,930.30. The total trading turnover of the benchmark index stood at SR4.53 billion ($1.209 billion), with 120 listed stocks advancing and 128 declining. The Kingdom's parallel market Nomu dropped by 60.93 points to close at 26,648.71. The MSCI Tadawul Index also decreased, falling 0.24 percent to reach 1,406.76. The top performer on the main market was Bawan Co., whose share price rose 9.94 percent to SR58.60. The share price of Banan Real Estate Co. also rose 9.73 percent to SR4.96. Al Sagr Cooperative Insurance Co. saw its stock price increase by 5.76 percent to SR13.22. Abdullah Saad Mohammed Abo Moati for Bookstores Co. witnessed a drop in its share price by 4.83 percent to SR39.78. In corporate announcements, Saudi Arabian Mining Co., known as Ma'aden, recorded a net profit of SR1.92 billion in the second quarter of the year, up 87.7 percent from SR1.02 billion in the same quarter of 2024. The company attributed the sharp rise in quarterly profit to an SR1.34 billion increase in gross profit, driven by higher sales prices and volumes across the phosphate, aluminum, and gold business units. Additional contributors included improved earnings from joint ventures and associates, reduced finance costs, and lower zakat, tax, and severance expenses. National Gas and Industrialization Co. reported revenues of SR1.57 billion for the first half of 2025, marking a 16.9 percent rise from SR1.35 billion in the same period last year. The revenue increase was largely driven by a SR227 million rise in gas sales, due to higher gas prices and volumes, according to the company's financial report. Additional boosts came from increased sales of empty cylinders by SR6.5 million and other services by SR8.9 million. This came despite a SR14.4 million decline in commercial project revenues. National Gas and Industrialization Co.'s share price climbed 0.92 percent to SR76.7. Obeikan Glass Co. posted a net profit of SR10.86 million in the second quarter, reflecting a 4.1 percent decline from SR11.33 million in the same period last year. The company attributed the annual decline in net profit to a rise in raw material costs, which weighed on profitability despite higher selling prices. Obeikan Glass Co.'s share price rose 0.44 percent to SR31.66. Al Hammadi Holding reported a net profit of SR61.96 million in the second quarter, marking a 47.4 percent decline from SR117.87 million in the same quarter of 2024. The company attributed the year-on-year drop in net profit to a one-off SR55.27 million gain realized in the second quarter of last year from the sale of a vacant land plot in Riyadh's Al-Rayyan district. Al Hammadi Holding's share price fell 4.44 percent to SR34.88. Savola Group reported a net profit of SR105.7 million in the second quarter, down 21.9 percent from SR135.4 million in the same period last year. The firm attributed the year-on-year decline in reported net profit primarily to the absence of a SR210.8 million share of profit from its previously distributed investment in Almarai and SR23.1 million in discontinued operations, which were recorded in the same period last year. Savola Group's share price decreased by 1.77 percent to SR24.4.
Argaam
23-03-2025
- Business
- Argaam
Bawan board proposes dividend freeze for H2 2024
Bawan Co. 's board of directors decided, on March 20, to withhold dividends for H2 2024, according to a statement to Tadawul. This came to boost the company's financial position, and achieve its strategic plans as well as transformational goals while developing its operational activities. Bawan paid a cash dividend at 6% of capital, or SAR 0.60 a share, totaling SAR 36 million for H1 2024, data compiled with Argaam showed.
Argaam
24-02-2025
- Business
- Argaam
Bawan to build high-voltage transformers factory, first phase to cost SAR 80M
Bawan Co. 's board of directors approved, on Feb. 21, a project by United Transformers Electric Co. (Utec Saudi), a subsidiary, to set up a factory for manufacturing high-voltage transformers. The first phase of the factory is estimated to cost SAR 80 million, the company said in a statement to Tadawul. The project will be funded through the company's own resources and bank facilities, with construction slated to start in the first half of 2025. Trial production will start in the first quarter of 2027, which is anticipated to last around six months. Commercial production is expected to begin in the fourth quarter of 2027. The project will positively impact the company's financial statements. Bawan said no contract has been awarded yet, adding that key developments will be announced in due course. This project is part of Bawan's strategy to diversify products and achieve leadership and innovation in the electrical industry sector.
