Mubasher TV
Contact Us Advertising   العربية

Halwani Bros. Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

HB 6001 -1.25% 43.45 -0.55
Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 18.8 22.4 -16.07 12.1 55.37
Gross profit (loss) 67.7 85.5 -20.82 58.1 16.52
Operational profit (loss) 28.8 37 -22.16 20.2 42.57
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 51.3 68.9 -25.54
Gross profit (loss) 196.8 256.1 -23.16
Operational profit (loss) 79.5 114.8 -30.75
Earning or loss per share, Riyals 1.8 2.41 -
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 increase in Company sales in the kingdom of Saudi Arabia;

2- Increase in cost of sale of subsidiary because of the increase of raw materials and 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- 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 Company sale in the kingdom of Saudi Arabia ;
2. Decrease in export sales because of the political and economic conditions in the region;
3- Increase in cost of sale of subsidiary because of the increase of raw material prices and increase in public utilities and fuels prices;
4- Current period net income include non-recurring income amounted to SR 3.3 million as compared to same period SR 7.5 million from last year.
5- Increase in finance cost because of completed of second phase of industrial compound constructions because of the operations of industrial compound started during the second quarter from last year.
Reasons of increase (decrease) for quarter compared with previous quarter The increase in net Income for the current quarter compared to the previous quarter in the same year is due to:

1.The Company sales increase compared to previous quarter because of the impact of the Holy Ramadan and Eid Holiday during previous quarter, although the previous quarter include other operation income amounting to SR 1.7 million compared to current quarter amounting to SR 0.4 million;
2. Decrease of finance cost in current quarter amounting to SR 1.3 million as compared to previous quarter;
3. The current quarter include SR 1.7 million as a result of finalized of the final Zakat assessment with general authority of Zakat & Tax for the years 1998 to 2008
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 September 2017
Other notes Other Note: 1. Net sales decrease because of translation of subsidiary net sales by 13.9 % to SR 222 million during the Third quarter compared to SR 257.9 million in the same quarter of the previous year and increase by 15.4% as compared to SR 192.3 million of previous quarter in the current year;

2. Net sale decrease by 20% to SR 617.4 million for the period compared to SR 772.4 million in the same period of the last year because of the effect of translation of net sale as well as decease in export sales;

3. Shareholders equity as of 30 September 2017 (no non-controlling interest) decrease by 3.6% to SR511.7 million compared to SR 530.6 million of 31 December 2016;

4. Total comprehensive income decrease 9.9% to SR 20.1 million compared to SR 22.3 million in the same quarter of the previous year and increase by 63.4% compared to SR 12.3 million of the previous quarter in the same year;

5. Total comprehensive income decrease by 3% from SR 54.1 million to SR 52.5 million compared to same period of the previous year.

Comments