Halwani Bros. Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 255.22 | 301.53 | -15.36 | 254.53 | 0.27 |
| Gross Profit (Loss) | 71.26 | 95.73 | -25.56 | 66.62 | 6.96 |
| Operational Profit (Loss) | 13.4 | 30.72 | -56.38 | 20.09 | -33.3 |
| Net Profit (Loss) after Zakat and Tax | 1.64 | 19.65 | -91.65 | 8.04 | -79.6 |
| Total Comprehensive Income | -25.03 | -8.07 | 210.16 | -22.03 | 13.62 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 408.64 | 561.86 | -27.27 |
| Profit (Loss) per Share | 0.05 | 0.56 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year is due to:
1) The decrease in company’s revenues in the Kingdom of Saudi Arabia (domestic and export market). 2) Despite the increase of revenues by Egyptian pounds in the subsidiary company in the Arab Republic of Egypt, the consolidated company's revenue decreased in Saudi riyals as a result of the decrease in the exchange rate of the Egyptian pound. 3) The decrease in the gross profit by 26% during the current quarter compared to the same quarter of the previous year as a result of the increase in the average inventory prices of raw materials. 4) The net profit was affected by the currency devaluation which impacted the results of the subsidiary company in the Arab Republic of Egypt. 5) An increase in the financing cost, mainly due to the high interest rates set by the Central Bank of Saudi Arabia. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to:
1) The net profit was affected by the currency devaluation which impacted the results of the subsidiary company in the Arab Republic of Egypt. 2) An increase in the financing cost, mainly due to the high interest rates set by the Central Bank of Saudi Arabia. 3) Increase in selling and distribution expenses due to Ramadan season in the current quarter. 4) Recording other revenues during the previous quarter resulting from the compensation of two plots of land owned by the company, as part of the Jeddah Central Development Project. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Certain comparative figures have been reclassified to conform to the classification used for the period ended March 31, 2023. |
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