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Halwani Bros. Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 272.4200.236.063285.1-4.454
Gross Profit (Loss) 985192.15696.81.239
Operational Profit (Loss) 35.96.1488.52441.7-13.908
Net Profit (Loss) after Zakat and Tax 25.9-3.7-30.4-14.802
Total Comprehensive Income 22.7-0.5-33.3-31.831
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 557.5438.727.08
Gross Profit (Loss) 194.7110.376.518
Operational Profit (Loss) 77.622.7241.85
Net Profit (Loss) after Zakat and Tax 56.31.83,027.777
Total Comprehensive Income 56.17.3668.493
Total Share Holders Equity (after Deducting Minority Equity) 486.5460.65.623
Profit (Loss) per Share 1.790.06
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The increase in the net Profit for the current quarter as compared to the corresponding quarter of the previous year is due to:

1- The increase in Revenue for both Saudi Arabia and Egypt as a result of the restructure of local and international sales force.

2- The restructure of the discounts and customer allowances policy to achieve the highest profitability and increase market share.

3- The Improve in the sales Mix by focusing on the high margin products.

4- Making a procurement agreement for some of the strategic items in competitive prices.

5- The Decrease in the Finance charge due decline in loans balances by SAR 104 million in addition to the decline in SIBOR.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The Decrease in the net profit for the current quarter compared to the previous quarter is due to:

1-The decrease in revenue because of the effect of the Holy Ramadan and Eid Holiday during second quarter of the current year.

2-The increase in the selling and distribution expenses because of the marketing support for the new products.

3-The increase in the general and administrative expenses in the current quarter compared to the previous quarter.

Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The increase in the net Profit for the current period as compared to the corresponding period of the previous year is due to:

1- The increase in Revenue for both Saudi Arabia and Egypt as a result of the restructure of local and international sales force.

2- The restructure of the discounts and customer allowances policy to achieve the highest profitability and increase market share.

3- The Improve in the sales Mix by focusing on the high margin products.

4- Making a procurement agreement for some of the strategic items in competitive prices.

5- The Decrease in the Finance charge due decline in loans balances by SAR 104 million in addition to the decline in SIBOR.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items The figures in the interim financial statements have been grouped to conform with the accounting policies for the current year presentation as per International Financial Reporting Standard as endorsed in the Kingdom of Saudi Arabia. For more information, refer note 2- Basis of preparation in the interim Financial Statements for the period ended 30-06-2020.
Additional Information Earnings per share for the six months period ended 30/6/2020, 30/6/2019 have been calculated by dividing the net income for the period by 31,428,573 shares (including bonus shares) according to previous approval from Extra Ordinary General Assembly’s Meeting dated 5-8-2019.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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