Halwani Bros. reported net profit after Zakat and tax of SAR 30.4 million in Q1 2020, a more than five-fold increase year-on-year (YoY), driven by higher local sales, increased sales from Egypt operations, and improved promotions and discounts.
Halwani also cited lower cost of financing, improved sales mix, and the company's focus on higher-yielding products.
On a sequential basis, Q1 2020 net earnings increased by more than seven times.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 238.43 | 285.14 | 19.6 % |
| Gross Income | 59.27 | 96.78 | 63.3 % |
| Operating Income | 17.23 | 42.68 | 147.7 % |
| Net Income | 5.53 | 30.42 | 450.4 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.16 | 0.86 | 450.4 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 239.98 | 285.14 | 18.8 % |
| Gross Income | 63.89 | 96.78 | 51.5 % |
| Operating Income | 18.42 | 42.68 | 131.7 % |
| Net Income | 3.95 | 30.42 | 670.8 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.11 | 0.86 | 670.8 % |
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