Halwani Bros net profit dips 8% to SAR 51.6 mln in H1 2021

08/08/2021 Argaam Exclusive

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Halwani Bros reported a net profit after Zakat and tax of SAR 51.6 million, an 8% decline from SAR 56.3 million in the year-ago period.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	557.54	555.20	(0.4 %)
Gross Income	194.74	187.26	(3.8 %)
Operating Income	80.62	69.19	(14.2 %)
Net Income	56.35	51.64	(8.4 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	1.59	1.46	(8.4 %)

The company carried out exceptional marketing campaigns in the current period, according to its general strategy.

It also completed the organizational structure of the subsidiary company in Egypt and witnessed an increase in consultancy expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	272.39	268.62	(1.4 %)
Gross Income	97.96	88.25	(9.9 %)
Operating Income	37.93	34.50	(9.1 %)
Net Income	25.93	26.24	1.2 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.73	0.74	1.2 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	286.58	268.62	(6.3 %)
Gross Income	99.01	88.25	(10.9 %)
Operating Income	34.69	34.50	(0.6 %)
Net Income	25.40	26.24	3.3 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.72	0.74	3.3 %

In Q2 2021, the net profit after Zakat and tax edged up 1.2% year-on-year (YoY) to SAR 26.2 million, driven by launch of new products, and lower sales and marketing expenses, along with a decline in general and administrative expenses.

The company also maintained its sales volume YoY, despite different market conditions.

On a sequential basis, Q2 net profit rose 3.3% from SAR 25.4 million.

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