Halwani Bros reported a net profit after Zakat and tax of SAR 25.4 million, a drop of 17% from SAR 30.4 million in the year-ago period.
The company was hit by higher selling, general and administrative as well as marketing expenses.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 285.14 | 286.58 | 0.5 % |
| Gross Income | 96.78 | 99.01 | 2.3 % |
| Operating Income | 42.68 | 34.69 | (18.7 %) |
| Net Income | 30.42 | 25.40 | (16.5 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.86 | 0.72 | (16.5 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 241.30 | 286.58 | 18.8 % |
| Gross Income | 75.93 | 99.01 | 30.4 % |
| Operating Income | 26.62 | 34.69 | 30.3 % |
| Net Income | 19.46 | 25.40 | 30.5 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.55 | 0.72 | 30.5 % |
When compared to Q4 2020, the company’s net profit after Zakat and tax rose 30% from SAR 19.5 million, backed by revenue growth in local and international markets, due to the successful marketing and sales programs implemented during the period.
Halwani also opened new distribution centers for its subsidiary in Egypt and launched new products in the market, as per the company strategy.
Shareholders’ equity, excluding minority interest, grew by 3.37% to SAR 511.9 million by the end of Q1 2021, compared to SAR 495.2 million in the year-ago period.
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