Bawan Saudi Arabia's profits jumped by 806.65% to reach 29.58 million riyals after zakat and tax during the third quarter of 2020, compared to 3.26 million riyals in the same quarter of 2019 .

According to Arabiya Net, revenues increased by 4.4% in the third quarter of this year to 548.53 million riyals, compared to 525.59 million riyals in the same quarter of 2019 .

The company said in a statement to Tadawul that the profit doubled 8 times in the third quarter due to the increase in gross profit supported by higher revenues and profit margin, lower financial expenses, and recognition With the profits of investing in financial assets at fair value, operating expenses and other income and zakat have also increased.

Bwan's profits increased 182.4% on an annual basis, to 60.24 million riyals after zakat and tax during the first nine months, compared to 21.33 million riyals in the same period last year. .

The company's revenues in the current year until the end of September amounted to 1.71 billion riyals, compared to 1.64 billion riyals in the same period of the year 2019, an increase of 4.2%.

p>

The Board of Directors of Bawan Company had approved earlier this week the distribution of cash dividends to the shareholders of the company for the first half of 2020, at a value of 24 million riyals, at 0.4 Saudi Riyals per share.

provided that the shareholders who own the shares are eligible on the day of entitlement on Tuesday and are registered in the company's shareholders register with the Securities Depository Center Company (Deposit) at the end of the second trading day following the date Entitlement.

In addition, Bawan announced its intention to buy its shares in order to keep them as treasury shares, with a maximum number of 3 million shares, so that the percentage of not more than 5% of the issued shares.

and the aim of the purchase is to keep them as treasury shares for future use in swap operations in exchange for the acquisition of shares or company stakes or the purchase of an asset, if any.

and the company indicated that the purchase will be funded from the company's own resources.

It is worth noting that the extraordinary general assembly must approve the procurement process, as well as fulfill the conditions for financial adequacy contained in the third paragraph of Article 12 of the regulatory controls and procedures issued in implementation. For corporate system.

NamaaZone " The Power of Knowledge"