Halwani Bros. Co. turned to a net loss of SAR 4.6 million in the first quarter of 2024, against a net profit of SAR 1.6 in Q1 2023.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 255.22 | 270.36 | 5.9 % |
| Gross Income | 71.26 | 82.57 | 15.9 % |
| Operating Income | 12.56 | 25.80 | 105.5 % |
| Net Income | 1.64 | (4.58) | (379.7 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.05 | (0.13) | (379.7 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 233.04 | 270.36 | 16.0 % |
| Gross Income | 43.09 | 82.57 | 91.6 % |
| Operating Income | (22.10) | 25.80 | 216.7 % |
| Net Income | (27.40) | (4.58) | 83.3 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | (0.77) | (0.13) | 83.3 % |
The losses were attributed to the Egyptian currency devaluation, which affected the subsidiary's profits based on the decision of the Central Bank of Egypt to liberalize the exchange rate.
This is in addition to bearing taxes resulting from transferring a portion of the profits retained in the subsidiary to the company’s account in Saudi Arabia.
On the other hand, there was an increase in the company’s sales in the Kingdom and its subsidiary in Egypt, as a result of a change in sales policies.
Sequentially, Halwani narrowed its losses from SAR 27.4 million in Q4 2023 on higher sales and improved sales mix as well as lower general and administrative expenses.
Shareholders’ equity, no minority interest, slipped to SAR 243.54 million as of March 31, 2024, from SAR 408.64 million a year earlier.
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