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.
| 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.
| 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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