Halwani Bros. Co. reported a net profit after Zakat and tax of SAR 56.3 million for the first half of 2020, compared to SAR 1.8 million in prior-year period, driven by higher revenue from Egyptian and Saudi operations, the restructure of the customer allowances policy, improved sales mix and lower financing charges.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 438.67 | 557.54 | 27.1 % |
| Gross Income | 110.32 | 194.74 | 76.5 % |
| Operating Income | 23.85 | 80.62 | 238.0 % |
| Net Income | 1.82 | 56.35 | 2989.2 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.05 | 1.59 | 2989.2 % |
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 200.24 | 272.39 | 36.0 % |
| Gross Income | 51.05 | 97.96 | 91.9 % |
| Operating Income | 6.62 | 37.93 | 473.4 % |
| Net Income | (3.70) | 25.93 | 800.7 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | (0.10) | 0.73 | 800.7 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 285.14 | 272.39 | (4.5 %) |
| Gross Income | 96.78 | 97.96 | 1.2 % |
| Operating Income | 42.68 | 37.93 | (11.1 %) |
| Net Income | 30.42 | 25.93 | (14.7 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.86 | 0.73 | (14.7 %) |
Halwani's net profit after Zakat and tax for the second quarter stood at SAR 25.9 million, versus net loss of SAR 3.7 million in year-earlier period, due to higher revenue from Saudi and Egypt units, improved sales mix, and lower financing charges.
On a quarter-on-quarter basis, the profit for the current quarter declined by 14.8%.
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