Halwani Bros. Co. reported a net loss of SAR 98 million for 2023, versus a net profit of SAR 2.9 million a year earlier
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,024.32 | 889.05 | (13.2 %) |
| Gross Income | 270.76 | 182.38 | (32.6 %) |
| Operating Income | 38.48 | (58.24) | (251.4 %) |
| Net Income | 2.92 | (98.01) | (3458.8 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.08 | (2.77) | (3458.8 %) |
The company reported lower local sales. Despite higher sales from Egypt’s unit, the company's consolidated SAR-denominated sales decreased due to lower exchange rates. Further, local operations incurred non-recurring expenses due to changes in sales policies with customers.
Additionally, the company reported lower gross profit on decreased sales and higher average prices of raw materials. General and administrative expenses (G&As) increased in 2023 compared to the previous year, amid higher financing costs due to the high interest rates.
Halwani incurred a net loss of SAR 27.4 million in Q4 2023, against a net profit of SAR 8.04 million in the year earlier period.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 254.53 | 233.04 | (8.4 %) |
| Gross Income | 66.62 | 43.09 | (35.3 %) |
| Operating Income | 12.24 | (21.29) | (273.9 %) |
| Net Income | 8.04 | (27.40) | (440.9 %) |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | 0.23 | (0.77) | (440.9 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 211.10 | 233.04 | 10.4 % |
| Gross Income | 29.92 | 43.09 | 44.0 % |
| Operating Income | (30.63) | (21.29) | 30.5 % |
| Net Income | (42.49) | (27.40) | 35.5 % |
| Average Shares | 35.36 | 35.36 | - |
| EPS (Riyals) | (1.20) | (0.77) | 35.5 % |
On a sequential basis, losses widened from SAR 42.49 million in Q3 2023.
Total shareholders’ equity, no minority interest, stood at SAR 306.8 million by Dec. 31, 2023, compared to SAR 433.7 million a year earlier.
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