Halwani Bros net profit surges to SAR 100.8 mln in 2020

07/03/2021 Argaam Exclusive

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Halwani Bros Co. reported a net profit after Zakat and tax of SAR 100.8 million in 2020, compared to a net profit of SAR 2.4 million in a prior-year period

Financials (M)

Item	2019	2020	Change‬
Revenues	899.87	1,055.05	17.2 %
Gross Income	231.00	357.13	54.6 %
Operating Income	50.19	146.77	192.4 %
Net Income	2.36	100.84	4178.4 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.07	2.85	4178.4 %

The profit rise was driven by revenue growth in local and international markets, the restructuring of the discounts and customer allowances policy to achieve the highest profitability and increase market share, and the restructuring of the product portfolio and sales mix in line with consumer demand and improved margin.

The annual financial results were also backed by higher gross profit margins, on better sourcing and supply chain efficiency and lower finance charges due to a decline in the loans balances and SAIBOR rates.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	239.98	241.30	0.6 %
Gross Income	63.89	75.93	18.8 %
Operating Income	18.42	26.62	44.5 %
Net Income	3.95	19.46	393.0 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.11	0.55	393.0 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	256.21	241.30	(5.8 %)
Gross Income	86.46	75.93	(12.2 %)
Operating Income	39.53	26.62	(32.7 %)
Net Income	25.04	19.46	(22.3 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.71	0.55	(22.3 %)

The fourth-quarter net profit after Zakat and tax surged to SAR 19.4 million, from a net profit of SAR 3.95 million in Q4 2019.

Shareholders’ equity, after minority rights, increased by 15.52% year-on-year (YoY) to SAR 533.6 million in 2020.

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