Riyadh – Mubasher: Halwani Bros Company disclosed its interim financial results for the second quarter of 2019.

The company incurred losses of SAR 3.7 million in Q2-19, against profits of SAR 8.5 million in Q2-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

The decrease in profits comes due to the increase in the cost of goods sold in the company in Saudi Arabia due to the increase in raw material prices.

It is also attributed to the increase in the sales and distribution expenses in Egypt due to the restructure in the sales department and launching new branches, which resulted in an increase in Sales.

Meanwhile, revenues inched up 0.9% to SAR 200.2 million by the end of June, compared to SAR 198.3 million in the same period a year ago.

For the first half of 2019, Halwani’s net profits slide by 92.8% to SAR 1.8 million, from SAR 25 million in H1-18.

Total revenues levelled up by 5.9% year-on-year to SAR 438.7 million during the six-month period between January and June.

Profit per share stood at SAR 0.06 in H1-19, compared to SAR 0.87 in the corresponding period in the prior fiscal year.