Financial Results : Halwani Bros swings to SAR 4.6M loss in Q1 2024

Halwani Bros swings to SAR 4.6M loss in Q1 2024

08/05/2024 Argaam Exclusive

View other reports

Halwani Bros. Co. turned to a net loss of SAR 4.6 million in the first quarter of 2024, against a net profit of SAR 1.6 in Q1 2023.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 252.64 267.57 5.9 %
Gross Income 68.11 79.50 16.7 %
Operating Income 12.04 25.53 112.0 %
Net Income 1.64 (4.58) (379.7 %)
Average Shares 35.36 35.36 -
EPS (Riyals) 0.05 (0.13) (379.7 %)

The losses were attributed to the Egyptian currency devaluation, which affected the subsidiary's profits based on the decision of the Central Bank of Egypt to liberalize the exchange rate.

 

This is in addition to bearing taxes resulting from transferring a portion of the profits retained in the subsidiary to the company’s account in Saudi Arabia.

 

On the other hand, there was an increase in the company’s sales in the Kingdom and its subsidiary in Egypt, as a result of a change in sales policies.

 

Sequentially, Halwani narrowed its losses from SAR 27.4 million in Q4 2023 on higher sales and improved sales mix as well as lower general and administrative expenses. 

 

Shareholders’ equity, no minority interest, slipped to SAR 243.54 million as of March 31, 2024, from SAR 408.64 million a year earlier.

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.