Halwani Bros H1 2022 profit slumps 65% to SAR 17.9 mln; Q2 loss at SAR 1.8 mln

14/08/2022 Argaam Exclusive

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Halwani Bros Co. posted a 65% slump in H1 2022 net profit after Zakat and tax to SAR 17.9 million from SAR 51.6 million a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	555.20	540.04	(2.7 %)
Gross Income	187.26	160.67	(14.2 %)
Operating Income	69.19	36.92	(46.6 %)
Net Income	51.64	17.85	(65.4 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	1.46	0.50	(65.4 %)

The company's gross profit dropped 14% year-on-year (YoY) due to increased costs of raw materials globally, which had an impact on most companies.

Consolidated profits were hit by the depreciation of the currency exchange rate in the Egypt-based subsidiary.

Moreover, the marketing campaigns for customers and consumers increased spending during the current period compared H1 2021. Halwani Bros also cited higher financing costs.

In Q2 2022, the company sustained a net loss of SAR 1.8 million, against a net profit of SAR 26.24 million in the prior-year period, as gross profit fell by 26% YoY. The second-quarter net profit was also impacted by the Egyptian currency depreciation.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	268.62	238.50	(11.2 %)
Gross Income	88.25	64.93	(26.4 %)
Operating Income	34.50	6.20	(82.0 %)
Net Income	26.24	(1.80)	(106.8 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.74	(0.05)	(106.8 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	301.54	238.50	(20.9 %)
Gross Income	95.73	64.93	(32.2 %)
Operating Income	30.72	6.20	(79.8 %)
Net Income	19.65	(1.80)	(109.1 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.56	(0.05)	(109.1 %)

The company swung to losses from a net profit of SAR 19.65 million in Q1 2022.

Shareholders’ equity, after minority interest, dropped to SAR 484.5 million as of June 30, 2022, from SAR 538.2 million a year earlier.

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