Halwani Bros reported SAR 23.6 million net earnings for Q4 2014, rising 4.89% year-on-year from SAR 22.5 million and 15.12% quarter-on-quarter from SAR 20.5 million.
The full-year net profit fell 1.84% to SAR 90.8 million, compared with SAR 92.5 million in 2013.
Earnings per share (EPS) from SAR 3.24 to SAR 3.18.
Q4 profit increase y/y was driven by 9.4% growth in turnover to SAR 264 million, compared with SAR 241 million in the same quarter of previous year, along with the increase in return on time Islamic time deposits and other income, Halwani said.
The company added that Q4 profit increase q/q was boosted by decline in Zakat estimate value in Saudi Arabia in Q4 2014 vs. Q3 2014.
FY14 profit decline was due to increase in selling and distribution expenses, as well as general administrative expenses, along with increase in corporate income taxes in Egypt from 25% to 30%, Halwani said.
Photo Credit: Arabianeye-Reuters