Halwani Bros. Co. reported a net profit after Zakat and tax of SAR 65.7 million for the first nine months of 2021, a 19% decline compared to a net profit of SAR 81.4 million in the same period last year.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 813.74 | 792.10 | (2.7 %) |
| Gross Income | 281.19 | 257.36 | (8.5 %) |
| Operating Income | 120.15 | 91.70 | (23.7 %) |
| Net Income | 81.39 | 65.68 | (19.3 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 2.30 | 1.86 | (19.3 %) |
The company attributed the decrease in net profit to lower revenue in the Saudi market, when compared to the exceptional revenue reported in the year-earlier period, due to COVID-19, despite an increase in the revenue of Egypt's subsidiary.
The foodstuff producer also cited the increase in the cost of raw materials and higher discounts and incentives granted to consumers amid weak purchasing power, as a result of the precautionary measures. Higher selling and marketing expenses also weighed on the nine-month figures.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 256.21 | 236.90 | (7.5 %) |
| Gross Income | 86.46 | 70.11 | (18.9 %) |
| Operating Income | 39.53 | 22.51 | (43.1 %) |
| Net Income | 25.04 | 14.04 | (43.9 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.71 | 0.40 | (43.9 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 268.62 | 236.90 | (11.8 %) |
| Gross Income | 88.25 | 70.11 | (20.6 %) |
| Operating Income | 34.50 | 22.51 | (34.7 %) |
| Net Income | 26.24 | 14.04 | (46.5 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.74 | 0.40 | (46.5 %) |
The company reported a net profit of SAR 14 million for Q3 2021, a 44% year-on-year (YoY) decrease.
On a sequential basis, net profit fell 46.4% from SAR 26.4 million in Q2 2021.
Shareholders’ equity, after minority interest, increased 7.2% to SAR 551.96 million as of Sept. 30, 2021, from SAR 514.7 million a year earlier.
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