Halwani Bros turns to profits in Q2

The positive Q2 results were helped by the growth in the company’s sales

Riyadh – Mubasher: Halwani Bros. Company turned to profits in the second quarter (Q2) of 2020, generating SAR 25.9 million in net profits after Zakat and tax, against net losses worth SAR 3.7 million in the corresponding period in 2019.

The positive Q2 results were helped by the growth in the company’s sales in Saudi Arabia and Egypt as the local and international sales force were restructured, according to a stock exchange filing on Wednesday.

Moreover, the customers’ discounts and allowances policy was upgraded to achieve the highest profitability and increase the market share, the sales mix was improved, and the company collaborated with suppliers of main materials at competitive prices. Meanwhile, financing costs slumped.

Revenues stood at SAR 272.4 million in the April-June period of this year, a surge of 36.06% from SAR 200.2 million in the year-ago period.

Source: Mubasher

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