Riyadh — Mubasher: Bawan Company generated net profits of SAR 120.80 million for the first nine months (9M) of 2026, an annual fall of 41.07% from SAR 204.99 million.
The company attributed the decline largely to a one-time, non-cash bargain purchase gain of SAR 126.50 million recognized in 2025 following the acquisition of Petronash, which inflated the prior year's comparative figures.
Bawan registered total revenues amounting to SAR 2.87 billion in 9M-26, down 3.06% from SAR 2.97 billion in 9M-25. This was driven by lower sales volumes in the electrical, metal, and wood industries, despite improved average selling prices.
The earnings per share (EPS) hit SAR 2.01 in the January-September 2026 period.
For the third quarter (Q3) of 2026, net profit declined by 37.65% year-on-year (YoY) to SAR 14.93 million, while quarterly revenue shrank by 19.86% to SAR 872.74 million.
Financial results were further impacted by SAR 90 million in non-cash amortization charges related to the Purchase Price Allocation (PPA) of Petronash.
Excluding these non-cash items and one-off gains, Bawan stated that actual nine-month net profit would have reached SAR 193 million, a 39% increase over the SAR 139 million adjusted figure from the prior year.
In Q2-26, the company achieved a net profit of SAR 53.94 million, an annual surge of 68.94% from SAR 31.93 million.
