Buan's profits increased by 174.13%, after Zakat and the tax was 41.68 million riyals in the first quarter of 2021 for about 15.21 million riyals in a quarter of 2020.
According to Arab Net, Bwan's net profit rose 39.2% from SR 29.9 million in the fourth quarter of 2020.
The company said in a statement on Saudi trading on Wednesday that the cause of net profit during the first quarter of 2021, on an annual basis, returned to higher revenue, profit margin and the investigation of electricity industries, compared to losses during the previous year. >
The company added that net profit is also affected by high sales of mineral and wood industries as a result of increased quantities, and high prices of selling metal products, as well as the height of the plastic industry profits as a result of average selling prices and improved profit margin.
The company also pointed to the decline in the losses of the concrete industry as a result of high profit margin and achieving profits from excluding and evaluating investment in financial assets at fair value through profit or loss compared to losses during the previous year, and low funding costs as a result of paying part of the loans To high operating expenses and zakat expenses as a result of growth in activity and business results.
Buan, announced the annual financial results ending 2020, a growth in net profit by 238.6%, net profit increased by more than 3 times for SAR 90.168 million, compared to SAR 26.6 million during 2019.
