Halwani Bros Co. reported a net profit after Zakat and tax of SAR 100.8 million in 2020, compared to a net profit of SAR 2.4 million in a prior-year period
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 899.87 | 1,055.05 | 17.2 % |
| Gross Income | 231.00 | 357.13 | 54.6 % |
| Operating Income | 50.19 | 146.77 | 192.4 % |
| Net Income | 2.36 | 100.84 | 4178.4 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.07 | 2.85 | 4178.4 % |
The profit rise was driven by revenue growth in local and international markets, the restructuring of the discounts and customer allowances policy to achieve the highest profitability and increase market share, and the restructuring of the product portfolio and sales mix in line with consumer demand and improved margin.
The annual financial results were also backed by higher gross profit margins, on better sourcing and supply chain efficiency and lower finance charges due to a decline in the loans balances and SAIBOR rates.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 239.98 | 241.30 | 0.6 % |
| Gross Income | 63.89 | 75.93 | 18.8 % |
| Operating Income | 18.42 | 26.62 | 44.5 % |
| Net Income | 3.95 | 19.46 | 393.0 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.11 | 0.55 | 393.0 % |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 256.21 | 241.30 | (5.8 %) |
| Gross Income | 86.46 | 75.93 | (12.2 %) |
| Operating Income | 39.53 | 26.62 | (32.7 %) |
| Net Income | 25.04 | 19.46 | (22.3 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.71 | 0.55 | (22.3 %) |
The fourth-quarter net profit after Zakat and tax surged to SAR 19.4 million, from a net profit of SAR 3.95 million in Q4 2019.
Shareholders’ equity, after minority rights, increased by 15.52% year-on-year (YoY) to SAR 533.6 million in 2020.
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