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Halwani Bros. Co. announces the annual financial results for the period ending on 31-12-2017

HB 6001 -1.25% 43.45 -0.55
Element Current year Previous year % Change
Net profit (loss) 71.3 51.9 37.38
Earning or loss per share, Riyals 2.5 1.8 -
Gross profit (loss) 271.5 331.5 -18.1
Operational profit (loss) 109.6 141 -22.27
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The Increase in Profit for the current period as compared to the corresponding period of the previous year is due to: 1- Same period in the previous year include Forex Losses in Subsidiary Company in Egypt from freeing exchange rate of Egyptian pound with impact of 75.8 Million SR. 2- Decrease in sales and distribution expenses by 12.2%, as the same period in the previous year included extra expenses to support the launch of chicken products from the new chicken factory in the subsidiary company in Egypt 3-Decrease in general and Administrative expenses by 24.2% as the company approach is to rationalize the expenses in addition to the impact of translation of subsidiary company despite the decrease in sales by 15.5% due to the impact of translation of subsidiary company sales.
Reclassifications in annual 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 31 December 2017
Other notes 1- The turnover for the year ended 31st December 2017 amounted to SR 834.6 M Decrease of 15.5% compared to the last year SR 987.6 m. 2- Total comprehensive income for the year ended 31st December 2017 amounted to SR 72 M compared to the last year 2016 SR 55.5 M . 3- The total shareholder's equity (no minority interest) as of 31st December 2017 amounted to SR 529.8 M an increase of 0.1% as compared to SR 529.2 as 31st December 2016 4- Decrease in Export sales due to the existing political and economic circumstances in the region. 5- Current period net income include non-recurring income amounted to SR 4.3 million as compared to same period SR 7.1 million from last year. 6- The current period 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. 7- Increase in the income tax in the subsidiary company due to increase in the taxable profits

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