Halwani Bros makes SAR 10.8M profit in H1 2024; Q2 at SAR 15.3M

04/08/2024 Argaam Exclusive

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Halwani Bros. Co. turned to a net profit of SAR 10.8 million in the first half of 2024, against a net loss of SAR 28.1 in H1 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	442.27	483.42	9.3 %
Gross Income	105.12	146.84	39.7 %
Operating Income	(6.52)	54.83	941.5 %
Net Income	(28.12)	10.77	138.3 %
Average Shares	35.36	35.36	-
EPS (Riyals)	(0.80)	0.30	138.3 %

The positive results were backed by higher sales in Saudi Arabia and Egypt, as the company changed selling policies with customers in the Kingdom.

Halwani Bros also reported a decline in selling and distribution expenses, as well as general and administrative expenses (G&A).

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	189.63	215.85	13.8 %
Gross Income	37.01	67.34	81.9 %
Operating Income	(18.56)	29.30	257.9 %
Net Income	(29.76)	15.35	151.6 %
Average Shares	35.36	35.36	-
EPS (Riyals)	(0.84)	0.43	151.6 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	267.57	215.85	(19.3 %)
Gross Income	79.50	67.34	(15.3 %)
Operating Income	25.53	29.30	14.8 %
Net Income	(4.58)	15.35	435.2 %
Average Shares	35.36	35.36	-
EPS (Riyals)	(0.13)	0.43	435.2 %

In Q2 2024, the company swung to a net profit of SAR 15.3 million, from a net loss of SAR 29.7 million in Q2 2023, thanks to higher sales in Saudi Arabia, as the company changed selling policies with customers in the Kingdom.

The food manufacturer also reported better sales mix, focusing on higher-margin products. It also recorded a decline in selling and distribution expenses, as well as G&A costs.

The company had incurred a net loss of SAR 4.5 million in the previous quarter.

Shareholders’ equity, no minority interest, reached SAR 258.3 million by June 30, 2024, compared to SAR 378.5 million in the prior-year period.

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