Halwani Bros. reported a net profit after Zakat and tax of SAR 2.4 million for the fiscal year of 2019, a plunge of 94% year-on-year (YoY), the company said in a bourse statement.
The profit decline was attributed to increased sales promotions and discounts in Saudi Arabia and Egypt in addition to higher cost of sales in Saudi Arabia on higher prices of raw materials.
The company also cited higher general and administrative expenses (G&As) and increased selling and distribution expenses in both the Kingdom and Egypt. The income tax also jumped in Egypt in addition to a rise in Zakat expenses.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 846.83 | 899.87 | 6.3 % |
| Gross Income | 236.65 | 231.00 | (2.4 %) |
| Operating Income | 74.61 | 50.19 | (32.7 %) |
| Net Income | 43.32 | 2.36 | (94.6 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 1.23 | 0.07 | (94.6 %) |
Q4 2019 net earnings stood at SAR 4 million, versus net losses of SAR 0.94 million in Q4 2018.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 209.64 | 239.98 | 14.5 % |
| Gross Income | 49.72 | 63.89 | 28.5 % |
| Operating Income | 3.81 | 18.42 | 383.6 % |
| Net Income | (0.92) | 3.95 | 530.3 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | (0.03) | 0.11 | 530.3 % |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 221.22 | 239.98 | 8.5 % |
| Gross Income | 56.80 | 63.89 | 12.5 % |
| Operating Income | 9.03 | 18.42 | 104.1 % |
| Net Income | (3.41) | 3.95 | 215.6 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | (0.10) | 0.11 | 215.6 % |
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