Halwani's net profit leaps to SAR 81.4 mln in 9M 2020

Halwani's net profit leaps to SAR 81.4 mln in 9M 2020

27/10/2020 Argaam Exclusive

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Halwani Bros. Co. reported a net profit after Zakat and tax of SAR 81.4 million for the first nine months of 2020, compared to a net loss of SAR 1.6 million in a prior-year period.

 

The increase in earnings was driven by higher revenue from Saudi and Egyptian operations, restructuring of customer allowances policy, improved sales mix and lower financing charges.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 659.89 813.74 23.3 %
Gross Income 167.11 281.19 68.3 %
Operating Income 31.77 120.15 278.2 %
Net Income (1.59) 81.39 5222.0 %
Average Shares 35.36 35.36 -
Earnings Per Share before unusual items (0.04) 2.38 5385.6 %
EPS (Riyals) (0.04) 2.30 5222.0 %

Halwani's net profit after Zakat and tax for the third quarter stood at SAR 25 million, versus net loss of SAR 3.4 million in a year-earlier period, due to higher revenue from Saudi and Egypt units, improved sales mix, and lower financing charges.

 

On a quarter-on-quarter basis, the profit for the current quarter declined by 3.5%.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 221.22 256.21 15.8 %
Gross Income 56.80 86.46 52.2 %
Operating Income 9.03 39.53 338.0 %
Net Income (3.41) 25.04 833.5 %
Average Shares 35.36 35.36 -
Earnings Per Share before unusual items (0.10) 0.78 909.6 %
EPS (Riyals) (0.10) 0.71 833.5 %

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