Halwani sustains net loss of SAR 98M in 2023, Q4 at SAR 27.4M

11/03/2024 Argaam Exclusive

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Halwani Bros. Co. reported a net loss of SAR 98 million for 2023, versus a net profit of SAR 2.9 million a year earlier

Financials (M)

Item	2022	2023	Change‬
Revenues	1,024.32	889.05	(13.2 %)
Gross Income	270.76	182.38	(32.6 %)
Operating Income	38.48	(58.24)	(251.4 %)
Net Income	2.92	(98.01)	(3458.8 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.08	(2.77)	(3458.8 %)

The company reported lower local sales. Despite higher sales from Egypt’s unit, the company's consolidated SAR-denominated sales decreased due to lower exchange rates. Further, local operations incurred non-recurring expenses due to changes in sales policies with customers.

Additionally, the company reported lower gross profit on decreased sales and higher average prices of raw materials. General and administrative expenses (G&As) increased in 2023 compared to the previous year, amid higher financing costs due to the high interest rates.

Halwani incurred a net loss of SAR 27.4 million in Q4 2023, against a net profit of SAR 8.04 million in the year earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	254.53	233.04	(8.4 %)
Gross Income	66.62	43.09	(35.3 %)
Operating Income	12.24	(22.10)	(280.6 %)
Net Income	8.04	(27.40)	(440.9 %)
Average Shares	35.36	35.36	-
EPS (Riyals)	0.23	(0.77)	(440.9 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	206.82	233.04	12.7 %
Gross Income	24.13	43.09	78.6 %
Operating Income	(31.73)	(22.10)	30.3 %
Net Income	(42.49)	(27.40)	35.5 %
Average Shares	35.36	35.36	0.0 %
EPS (Riyals)	(1.20)	(0.77)	35.5 %

On a sequential basis, losses widened from SAR 42.49 million in Q3 2023.

Total shareholders’ equity, no minority interest, stood at SAR 306.8 million by Dec. 31, 2023, compared to SAR 433.7 million a year earlier.

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