Riyadh – Mubasher: Halwani Bros Company announced its interim financial results for the third quarter of 2019.

The company swung to losses recording SAR 3.4 million in Q3-19, against profits of SAR 19.2 million in Q3-18, according to a bourse filing on Sunday.

The Decrease in Profit for the current quarter was attributed to the increase in sales discounts in Saudi Arabia and Egypt to face competition and maintain market shares and the impact of IFRS 15, in addition to the rise in the cost of goods sold in the company in Saudi Arabia due to the increase of raw material prices.

On a yearly basis, revenues inched down by 0.89% to SAR 221.2 million during the three-month period ended September.

For the first nine months of 2019, Halwani suffered SAR 1.6 million in losses, versus profits of SAR 44.2 million in the same period of the prior year.

Meanwhile, the company generates SAR 659.9 million in revenues by the end of September, compared to SAR 637.2 million in the corresponding period of FY2018.

Loss per share recorded SAR 0.05 in nine months, versus a profit per share of SAR 1.41 in the same period a year ago.

Source: Mubasher

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