Halwani Bros. Co.’s net profit declined 92% to SAR 1.6 million in the first quarter of 2023, compared to SAR 19.7 in Q1 2022.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 301.54 | 255.22 | (15.4 %) |
| Gross Income | 95.73 | 71.26 | (25.6 %) |
| Operating Income | 30.72 | 13.40 | (56.4 %) |
| Net Income | 19.65 | 1.64 | (91.7 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.56 | 0.05 | (91.7 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 254.53 | 255.22 | 0.3 % |
| Gross Income | 66.62 | 71.26 | 7.0 % |
| Operating Income | 12.24 | 13.40 | 9.5 % |
| Net Income | 8.04 | 1.64 | (79.6 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.23 | 0.05 | (79.6 %) |
The drop in profit was due to lower revenue, a 26% fall in gross profit, devaluation of Egyptian pound and higher finance costs.
The first-quarter net profit fell 79.6% from SAR 8.07 million in Q4 2022 on higher selling and distribution expenses due to Ramadan and rising finance cost.
Shareholders’ equity, no minority interest, slipped to SAR 408.64 million as of March 31, 2023, from SAR 561.86 million a year earlier.
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