Financial Results : Halwani Bros incurs SAR 28.1 mln loss in H1 2023, Q2 at SAR 29.8 mln

Halwani Bros incurs SAR 28.1 mln loss in H1 2023, Q2 at SAR 29.8 mln

06/08/2023 Argaam Exclusive

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Halwani Bros Co. turned to a net loss of SAR 28.1 million in H1 2022 on lower sales in Saudi Arabia.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 540.04 442.27 (18.1 %)
Gross Income 160.67 105.12 (34.6 %)
Operating Income 36.92 (6.52) (117.7 %)
Net Income 17.85 (28.12) (257.5 %)
Average Shares 35.36 35.36 0.0 %
EPS (Riyals) 0.50 (0.80) (257.5 %)

The company’s consolidated sales decreased in Saudi riyal due to the Egyptian pound devaluation. Gross profit also dropped on lower sales and higher average prices of raw materials. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 238.50 189.63 (20.5 %)
Gross Income 64.93 37.01 (43.0 %)
Operating Income 6.20 (18.56) (399.4 %)
Net Income (1.80) (29.76) (1,556.9 %)
Average Shares 35.36 35.36 0.0 %
EPS (Riyals) (0.05) (0.84) (1,556.9 %)

Halwani was also hurt by increased financing costs (FC), due to higher interest rates in the Kingdom.

 

In Q2 2023, the company slid into a deeper loss of SAR 29.8 million from SAR 1.80 million in the year-earlier period as local sales dropped. Further, the company’s consolidated sales decreased in Saudi riyal due to the Egyptian pound devaluation. Gross profit also dropped on lower sales and higher average prices of raw materials. 

 

Halwani swung to losses from a net profit of SAR 1.64 million in Q1 2023, on a decline in gross profit amid lower sales due to seasonal demand. The company also recorded other revenue in the previous quarter from the sale of unused assets. Halwani reported higher FC.

Shareholders’ equity, no minority interest, dropped to SAR 378.5 million by the end of the six-month period, from SAR 484.5 million a year earlier.

 

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