Halwani swings to SAR 44.7M net profit in 2024; Q4 at SAR 18.4M

26/02/2025 Argaam Exclusive

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Halwani Bros. Co. turned to a net profit of SAR 44.7 million in 2024, versus a net loss of SAR 98 million in the year-earlier period.

Financials (M)

Item	2023	2024	Change‬
Revenues	882.72	969.06	9.8 %
Gross Income	171.04	289.12	69.0 %
Operating Income	(56.29)	116.71	307.3 %
Net Income	(98.01)	44.67	145.6 %
Average Shares	35.36	35.36	0.0 %
Earnings Per Share before unusual items (Riyals)	(2.86)	1.02	135.7 %
EPS (Riyals)	(2.77)	1.26	145.6 %

The profit growth came on the back of higher sales year-on-year (YoY), improved sales mix, decreased selling, distribution, general, and administrative expenses, and the increase in other revenues due to the reversal of provisions that were no longer required.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	233.63	237.09	1.5 %
Gross Income	41.47	69.37	67.3 %
Operating Income	(21.30)	31.47	247.7 %
Net Income	(27.39)	18.42	167.3 %
Average Shares	35.36	35.36	0.0 %
Earnings Per Share before unusual items (Riyals)	(0.77)	0.52	167.2 %
EPS (Riyals)	(0.77)	0.52	167.3 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	248.55	237.09	(4.6 %)
Gross Income	72.91	69.37	(4.9 %)
Operating Income	(29.20)	31.47	207.8 %
Net Income	15.50	18.42	18.8 %
Average Shares	35.36	35.36	-
Earnings Per Share before unusual items (Riyals)	0.44	0.52	19.0 %
EPS (Riyals)	0.44	0.52	18.8 %

Q4 2024 net earnings stood at SAR 18.4 million, versus a net loss of SAR 27.4 million a year ago.

On a sequential basis, net profit grew 18.8% from SAR 15.5 million in Q3 2024.

Total shareholders’ equity, no minority interest, stood at SAR 289.59 million by Dec. 31, 2024, compared to SAR 306.84 million a year earlier.

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