Halwani Bros 2022 profit slumps 97% to SAR 2.9 mln; Q4 drops to SAR 8 mln

12/03/2023 Argaam Exclusive

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Halwani Bros. Co. reported a net profit of SAR 2.9 million in 2022, a drop of 97% from SAR 84.3 million in 2021 due to lower sales from its Egyptian subsidiary and as gross profit fell 21% year-on-year (YoY) due to higher raw materials costs.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,091.30	1,024.32	(6.1 %)
Gross Income	344.22	270.76	(21.3 %)
Operating Income	117.72	38.48	(67.3 %)
Net Income	84.25	2.92	(96.5 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	2.38	0.08	(96.5 %)

General and administrative expenses rose YoY, while financing costs edged up due to the higher interest rates.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	299.20	254.53	(14.9 %)
Gross Income	86.85	66.62	(23.3 %)
Operating Income	26.02	12.24	(53.0 %)
Net Income	18.58	8.04	(56.7 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.53	0.23	(56.7 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	229.76	254.53	10.8 %
Gross Income	43.53	66.62	53.1 %
Operating Income	(10.62)	12.24	215.3 %
Net Income	(22.97)	8.04	135.0 %
Average Shares	35.36	35.36	-
EPS (Riyals)	(0.65)	0.23	135.0 %

The food products manufacturer posted a 57% YoY plunge in Q4 2022 net profit to SAR 8 million.

On a sequential basis, the company turned to profit from a loss of SAR 22.97 million in Q3 2022.

Total shareholders’ equity, no minority interest, amounted to SAR 433.7 million as of Dec. 31, 2022, versus SAR 569.9 million at the end of 2021.

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