Riyadh-Mubasher: Halwani Bros made SAR 38.7 million in net earnings during the fourth quarter of 2015, jumping 64% compared with SAR 23.6 million in the same period last year.
Full-year net profits also rose 27% year-on-year from SAR 91 million to SAR 115 million.
Increase in Q4 net profits was derived from low cost of goods sold on decline in cost of key raw materials, in addition to income from insurances claim refund arising from boiler breakage accident in 2014, the company said.
It added that FY15 profit growth was fuelled by 1% increase in sales to SAR 1.075 billion, compared with SAR 1.065 billion, in addition to reduction in cost of key raw materials.
