Halwani Bros. Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)
| Element | Current quarter | Similar quarter for previous year | % Change current | Previous quarter | % Change previous |
|---|---|---|---|---|---|
| Net profit (loss) | 12.1 | 32.9 | -63.22 | 20.4 | -40.69 |
| Gross profit (loss) | 58.1 | 79.4 | -26.83 | 71.1 | -18.28 |
| Operational profit (loss) | 20.2 | 35.2 | -42.61 | 30.5 | -33.77 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element | Current period | Similar period for previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 32.6 | 46.6 | -30.04 |
| Gross profit (loss) | 129.1 | 170.6 | -24.33 |
| Operational profit (loss) | 50.7 | 77.8 | -34.83 |
| Earning or loss per share, Riyals | 1.14 | 1.63 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element | EXPLAINATION |
|---|---|
| Reasons of increase (decrease) for quarter compared with same quarter last year | The decrease in net Income for the current quarter as compared to the corresponding quarter of the previous year is due to: 1. Decrease in sales of subsidiary because of the effect of translation of Egyptian pound to Saudi Riyals when preparing the consolidated financial statements of the group comparing to same quarter from last year in the despite of increase in sales of the subsidiary in Egyptian Pound, as well as Decrease in local sales because of the effect of the Holy Ramadan and Eid Holiday during second quarter of the current period; 2. Increase in finance cost because of completed of second phase of industrial complex constructions which include finance cost as well as increase in Murabha finance in current quarter compared to the corresponding quarter of the previous year, in the despite of decrease in general and selling cost because of the translation of Egyptian pound to Saudi Riyals; 3. Decrease in export sales because of the political and economic conditions in the region; 4. The net income in Q2 2016 include no recurring income amounted to SR 4.2 million; 5. Decrease in foreign currency income as compared to the corresponding quarter of the previous year resulting from the cancellation of dividends distribution in subsidiary on May 11th 2016 which was originally resulting in currency differences of SR 7.7 million incurred in Q1 2016 and cancelled in 2nd quarter of 2016 in the despite the increase in fixed assets depreciation compared to the corresponding quarter of the previous year. 6- Increase in cost of sale of subsidiary because of the increase of public utilities and fuels prices; |
| Reasons of increase (decrease) for period compared with same period last year | The Decrease in Profit for the current period as compared to the corresponding period of the previous year is due to: 1- Increase in cost of sale of subsidiary because of the increase of public utilities and fuels prices; 2- Decrease in sales of subsidiary because of the effect of translation of Egyptian pound to Saudi Riyals when preparing the consolidated financial statements of the group comparing to same quarter from last year in the despite of increase in sales of the subsidiary in Egyptian Pound as well as decrease of local sales because of the effect of the Holy Ramadan and Eid Holiday during second quarter of the current year; 3- Increase in finance cost because of completed of second phase of industrial compound constructions which include finance cost as well as increase in Murabha finance in current quarter compared to the corresponding quarter; 4- Last year net income include no recurring income amounted to SR 6.5 million. |
| Reasons of increase (decrease) for quarter compared with previous quarter | The Decrease in net Income for the current quarter as compared to the previous quarter in the same year is due to: 1. Decrease in local sales because of the effect of the Holy Ramadan and Eid Holiday during second quarter of the current period and decrease in export sale becuase of the political and economic conditions in the region; 2. Increase in finance cost because of increase in Murabha finance in current quarter; 3. Increase in cost of sale of subsidiary because of the increase of public utilities and fuels prices. |
| Reclassifications in quarterly financial results | Items, elements and notes of the comparatives Condensed Consolidated Interim Financial Statements have been redisplayed, regrouped and reclassified to meet with the applied accounting policies for the current period which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please see the note 3 (Effect of IFRS standards adoption) in the Interim Consolidated Financial Statements for the period ended in 30 June 2017 |
| Other notes | 1. Net sales decrease by 18.7 % to SR 192.3 million during the second quarter as compared to SR 236.7 million in the same quarter of the previous year and decrease by 5.5% as compared to SR 203.5 million of previous quarter in the current year becuase of the effect of translation of net sale when prepared the consolidated financial statements as well as decease in local sales; 2. Net sale decrease by 23.1% to SR 395.7 million for the period as compared to SR 514.6 million in the same period of the last year because of the effect of translation of net sale when prepared the consolidated financial statements as well as decease in local sales; 3. Shareholders equity (no non-controlling interest) decrease by 7% to SR 491.7 million compared to SR 530.6 million of 31 December 2016; 4. Total comprehensive income decrease 49.1% to SR 12.3 million as compared to SR 24.2 million in the same quarter of the previous year and decrease by 38.8% as compared to SR 20.1million of the previous quarter in the same year; 5. Total comprehensive income increase by 1.8% from SR 31.9 million to SR 32.5 million as compared to same period of the previous year. |
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