Halwani Bros net profit down 17% to SAR 25.4 mln in Q1 2021

Halwani Bros net profit down 17% to SAR 25.4 mln in Q1 2021

29/04/2021 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 -
Earnings Per Share before unusual items 0.86 0.72 (16.5 %)
EPS (Riyals) 0.86 0.72 (16.5 %)

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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