Financial Results : Halwani Bros profit falls 92% to SAR 1.6 mln in Q1 2023

Halwani Bros profit falls 92% to SAR 1.6 mln in Q1 2023

11/05/2023 Argaam Exclusive

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Halwani Bros. Co.’s net profit declined 92% to SAR 1.6 million in the first quarter of 2023, compared to SAR 19.7 in Q1 2022. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 301.54 252.64 (16.2 %)
Gross Income 95.73 68.11 (28.9 %)
Operating Income 30.72 12.04 (60.8 %)
Net Income 19.65 1.64 (91.7 %)
Average Shares 35.36 35.36 0.0 %
EPS (Riyals) 0.56 0.05 (91.7 %)

The drop in profit was due to lower revenue, a 26% fall in gross profit, devaluation of Egyptian pound and higher finance costs. 

 

The first-quarter net profit fell 79.6% from SAR 8.07 million in Q4 2022 on higher selling and distribution expenses due to Ramadan and rising finance cost. 

 

Shareholders’ equity, no minority interest, slipped to SAR 408.64 million as of March 31, 2023, from SAR 561.86 million a year earlier. 

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