Halwani Bros 2022 profit slumps 97% to SAR 2.9 mln; Q4 drops to SAR 8 mln

Halwani Bros 2022 profit slumps 97% to SAR 2.9 mln; Q4 drops to SAR 8 mln

12/03/2023 Argaam Exclusive

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Halwani Bros. Co. reported a net profit of SAR 2.9 million in 2022, a drop of 97% from SAR 84.3 million in 2021 due to lower sales from its Egyptian subsidiary and as gross profit fell 21% year-on-year (YoY) due to higher raw materials costs.



Financials (M)

Item 2021 2022 Change‬
Revenues 1,091.30 1,024.32 (6.1 %)
Gross Income 344.22 270.76 (21.3 %)
Operating Income 117.72 38.48 (67.3 %)
Net Income 84.25 2.92 (96.5 %)
Average Shares 35.36 35.36 -
Earnings Per Share before unusual items 2.31 (0.16) (106.9 %)
EPS (Riyals) 2.38 0.08 (96.5 %)

General and administrative expenses rose YoY, while financing costs edged up due to the higher interest rates.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 299.20 254.53 (14.9 %)
Gross Income 86.85 66.62 (23.3 %)
Operating Income 26.02 12.24 (53.0 %)
Net Income 18.58 8.04 (56.7 %)
Average Shares 35.36 35.36 -
Earnings Per Share before unusual items 0.45 (0.01) (103.0 %)
EPS (Riyals) 0.53 0.23 (56.7 %)

The food products manufacturer posted a 57% YoY plunge in Q4 2022 net profit to SAR 8 million.

 

On a sequential basis, the company turned to profit from a loss of SAR 22.97 million in Q3 2022.

 

Total shareholders’ equity, no minority interest, amounted to SAR 433.7 million as of Dec. 31, 2022, versus SAR 569.9 million at the end of 2021.

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