Financial Results : Halwani reports SAR 30.4 mln profit in Q1 2020

Halwani reports SAR 30.4 mln profit in Q1 2020

30/04/2020 Argaam Exclusive

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Halwani Bros. reported net profit after Zakat and tax of SAR 30.4 million in Q1 2020, a more than five-fold increase year-on-year (YoY), driven by higher local sales, increased sales from Egypt operations, and improved promotions and discounts.

 

Halwani also cited lower cost of financing, improved sales mix, and the company's focus on higher-yielding products.

On a sequential basis, Q1 2020 net earnings increased by more than seven times.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 238.43 285.14 19.6 %
Gross Income 59.27 96.78 63.3 %
Operating Income 17.23 42.68 147.7 %
Net Income 5.53 30.42 450.4 %
Average Shares 35.36 35.36 -
EPS (Riyals) 0.16 0.86 450.4 %

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