Halwani Bros posts SAR 26.3M profit in 9M 2024; Q3 at SAR 15.5M

29/10/2024 Argaam Exclusive

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Halwani Bros. Co. turned to a net profit of SAR 26.3 million in the first nine months of 2024, against a net loss of SAR 70.6 in 9M 2023.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	649.10	732.00	12.8 %
Gross Income	129.30	219.70	69.9 %
Operating Income	(35.00)	85.20	343.4 %
Net Income	(70.62)	26.30	137.2 %
Average Shares	35.36	35.36	0.0 %
EPS (Riyals)	(2.00)	0.74	137.2 %

The positive results were attributed to an increase in export sales, focus on geographical expansion by boosting sales channels and restructuring sales management, change in sales policies for Saudi Arabia, and improvement in sales mix by focusing on the most profitable products.

Halwani Bros witnessed lower selling, distribution, general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	206.80	248.50	20.2 %
Gross Income	24.10	72.90	202.5 %
Operating Income	(29.80)	29.20	198.0 %
Net Income	(42.49)	15.50	136.5 %
Average Shares	35.36	35.36	0.0 %
EPS (Riyals)	(1.20)	0.44	136.5 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	215.85	248.50	15.1 %
Gross Income	67.34	72.90	8.3 %
Operating Income	29.80	29.20	(2.0 %)
Net Income	15.35	15.50	1.0 %
Average Shares	35.36	35.36	-
EPS (Riyals)	0.43	0.44	1.0 %

In Q3 2024, the company swung to a net profit of SAR 15.5 million, from a net loss of SAR 42.49 million in Q3 2023, on higher sales mainly in Saudi Arabia.

The company registered a net profit of SAR 15.3 million in the previous quarter.

Shareholders’ equity, no minority interest, reached SAR 273.6 million by Sept. 30, 2024, compared to SAR 335.9 million in the prior-year period.

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