Halwani Bros net profit down 19% to SAR 65.7 mln in 9M 2021

31/10/2021 Argaam Exclusive

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Halwani Bros. Co. reported a net profit after Zakat and tax of SAR 65.7 million for the first nine months of 2021, a 19% decline compared to a net profit of SAR 81.4 million in the same period last year.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	813.74	792.10	(2.7 %)
Gross Income	281.19	257.36	(8.5 %)
Operating Income	120.15	91.70	(23.7 %)
Net Income	81.39	65.68	(19.3 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	2.30	1.86	(19.3 %)

The company attributed the decrease in net profit to lower revenue in the Saudi market, when compared to the exceptional revenue reported in the year-earlier period, due to COVID-19, despite an increase in the revenue of Egypt's subsidiary.

The foodstuff producer also cited the increase in the cost of raw materials and higher discounts and incentives granted to consumers amid weak purchasing power, as a result of the precautionary measures. Higher selling and marketing expenses also weighed on the nine-month figures.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	256.21	236.90	(7.5 %)
Gross Income	86.46	70.11	(18.9 %)
Operating Income	39.53	22.51	(43.1 %)
Net Income	25.04	14.04	(43.9 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.71	0.40	(43.9 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	268.62	236.90	(11.8 %)
Gross Income	88.25	70.11	(20.6 %)
Operating Income	34.50	22.51	(34.7 %)
Net Income	26.24	14.04	(46.5 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.74	0.40	(46.5 %)

The company reported a net profit of SAR 14 million for Q3 2021, a 44% year-on-year (YoY) decrease.

On a sequential basis, net profit fell 46.4% from SAR 26.4 million in Q2 2021.

Shareholders’ equity, after minority interest, increased 7.2% to SAR 551.96 million as of Sept. 30, 2021, from SAR 514.7 million a year earlier.

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