Riyadh – Mubasher: Halwani Bros. Company posted a 450.1% surge in net profit during the first quarter of the year, as shown by the company’s interim financial results for the three-month period ending on 31 March 2020.

Net profit after zakat and tax amounted to SAR 30.42 million in Q1-20, compared with SAR 5.53 million in Q1-19, according to a disclosure to the Saudi Stock Exchange (Tadawul).

The company attributed the rise in profits to the increase in revenue in Saudi Arabia and Egypt, due to the restructuring of its local and international sales force.

Halwani further explained the restructure of discounts and customer allowances policy to achieve the highest profitability and increase market share, and the improvement in the sales mix by focusing on the high margin products.

In addition, a procurement agreement for some strategic items in competitive prices, as well as a decrease in finance charges helped enhance profitability.