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Halwani Bros profit drops 19% in Q1

Halwani Bros profit drops 19% in Q1
Halwani Bros’ profits decreased to SAR 16.5 million in Q1-18
HB
6001
16.69% 50.70 7.25

Riyadh – Mubasher: Saudi Arabia-based Halwani Bros on Wednesday has reported a 19.12% year-on-year slump in its net profits for the first quarter of 2018, compared to the year-ago period.

Halwani Bros’ profits decreased to SAR 16.5 million in the three-month period ended March 2018, from SAR 20.4 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi food provider attributed the decline in first-quarter profit to a rise in costs of sold goods after a growth in raw materials prices, coupled with a rise in discounts in the kingdom and Egypt.

Halwani Bros achieved a 7.5% growth in sales to hit SAR 218.7 million during Q1-18, compared to SAR 203.5 million in the comparative period of 2017.

Shareholders’ equity, excluding the minority interest, declined 8.2% to SAR 505.7 million in Q1-18, versus SAR 550.8 million in Q1-17, the statement added.

The stock fell 1.87%, closing Wednesday at SAR 51.50.