Riyadh – Mubasher: Halwani Bros. Company returned to net profits of SAR 25 million over the third quarter (Q3) of 2020, compared to net losses of SAR 3.4 million in the corresponding quarter in the previous year.

The turn to profits was helped by higher revenue for both Saudi Arabia and Egypt due to the restructuring of the local and international sales force and an improvement in the sales mix, according to a bourse filing on Tuesday.

In addition, the company logged lower financing costs due to a drop in loans balances by SAR 84 million and a decline in SIBOR.

Revenues soared by 15.8% year-on-year (YoY) in the three-month period ended 30 September to SAR 256.2 million.

In the first nine months of 2020, the company swung back to profits of SAR 81.4 million, against losses of SAR 1.6 million.