Halwani Bros posts SAR 26.3M profit in 9M 2024; Q3 at SAR 15.5M

29/10/2024 Argaam Exclusive

Halwani Bros. Co. turned to a net profit of SAR 26.3 million in the first nine months of 2024, against a net loss of SAR 70.6 in 9M 2023.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 649.09 731.97 12.8 %
Gross Income 129.26 219.75 70.0 %
Operating Income (38.24) 84.77 321.7 %
Net Income (70.62) 26.25 137.2 %
Average Shares 35.36 35.36 -
EPS (Riyals) (2.00) 0.74 137.2 %

The positive results were attributed to an increase in export sales, focus on geographical expansion by boosting sales channels and restructuring sales management, change in sales policies for Saudi Arabia, and improvement in sales mix by focusing on the most profitable products.

 

Halwani Bros witnessed lower selling, distribution, general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 206.82 248.55 20.2 %
Gross Income 24.13 72.91 202.1 %
Operating Income (31.73) 29.94 194.4 %
Net Income (42.49) 15.48 136.4 %
Average Shares 35.36 35.36 -
EPS (Riyals) (1.20) 0.44 136.4 %

In Q3 2024, the company swung to a net profit of SAR 15.5 million, from a net loss of SAR 42.49 million in Q3 2023, on higher sales mainly in Saudi Arabia.

 

The company registered a net profit of SAR 15.3 million in the previous quarter.

 

Shareholders’ equity, no minority interest, reached SAR 273.6 million by Sept. 30, 2024, compared to SAR 335.9 million in the prior-year period.

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Share Price

Halwani Bros. Co.
52.20
0.10 0.19 %

Halwani Bros. Co. (HB)

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Financial Ratios
Current
Market Cap (M Riyal) 1,845.79
Enterprise Value (EV) (M) 2,072.12
Shares Outstanding ((M)) 35.36
EPS ( Riyal) (TTM) (0.03)
Book Value (BV) ( Riyal) 7.74
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 6.75
Return on Average Assets (%) (TTM) (0.14 )
Return on Average Equity (%) (TTM) (0.38 )
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