Halwani's net profit hikes to SAR 56.3 mln in H1 2020

05/08/2020 Argaam Exclusive

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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.

Financials (M)

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 %

Current Quarter Comparison (M)

Compared With The

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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