Halwani Bros. Co. reported a net profit after Zakat and tax of SAR 81.4 million for the first nine months of 2020, compared to a net loss of SAR 1.6 million in a prior-year period.
The increase in earnings was driven by higher revenue from Saudi and Egyptian operations, restructuring of customer allowances policy, improved sales mix and lower financing charges.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 659.89 | 813.74 | 23.3 % |
| Gross Income | 167.11 | 281.19 | 68.3 % |
| Operating Income | 31.77 | 120.15 | 278.2 % |
| Net Income | (1.59) | 81.39 | 5222.0 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | (0.04) | 2.30 | 5222.0 % |
Halwani's net profit after Zakat and tax for the third quarter stood at SAR 25 million, versus net loss of SAR 3.4 million in a 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 3.5%.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 221.22 | 256.21 | 15.8 % |
| Gross Income | 56.80 | 86.46 | 52.2 % |
| Operating Income | 9.03 | 39.53 | 338.0 % |
| Net Income | (3.41) | 25.04 | 833.5 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | (0.10) | 0.71 | 833.5 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 272.39 | 256.21 | (5.9 %) |
| Gross Income | 97.96 | 86.46 | (11.7 %) |
| Operating Income | 37.93 | 39.53 | 4.2 % |
| Net Income | 25.93 | 25.04 | (3.4 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.73 | 0.71 | (3.4 %) |
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