Halwani Bros 2021 profit drops 17% to SAR 84.3 mln; Q4 profit down 5% to SAR 18.6 mln

23/02/2022 Argaam Exclusive

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Halwani Bros. Co. reported a net profit after Zakat and tax of SAR 84.3 million for 2021, a 17% decline from SAR 100.8 million a year earlier.

Financials (M)

Item	2020	2021	Change‬
Revenues	1,055.05	1,091.30	3.4 %
Gross Income	357.13	344.22	(3.6 %)
Operating Income	146.77	117.72	(19.8 %)
Net Income	100.84	84.25	(16.5 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	2.85	2.38	(16.5 %)

The company reported an increase in the costs of raw materials amid global inflation due to the impact of COVID-19 in 2021.

Higher sales and marketing expenses were incurred by Halwani Bros. in 2021 to support marketing campaigns, as part of the company's strategic plan to launch new products.

The company also completed the organizational structure of its subsidiary in Egypt.

On the other hand, Halwani Bros. reported revenue growth in 2021, compared to the previous year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	241.30	299.20	24.0 %
Gross Income	75.93	86.85	14.4 %
Operating Income	26.62	26.02	(2.3 %)
Net Income	19.46	18.58	(4.5 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.55	0.53	(4.5 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	236.90	299.20	26.3 %
Gross Income	70.11	86.85	23.9 %
Operating Income	22.51	26.02	15.6 %
Net Income	14.04	18.58	32.3 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.40	0.53	32.3 %

In Q4 2021, net profit after Zakat and tax decreased 5% to SAR 18.6 million, from SAR 19.46 million in the year-ago period.

When compared to Q3 2021, net profit jumped 32.3% from SAR 14 million.

Shareholders’ equity, excluding minority interest, rose to SAR 569.9 million in 2021, compared to SAR 533.6 million in 2020.

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