Riyadh – Mubasher: Halwani Bros Company posted a 66.66% year-on-year drop in its profits for the first quarter of 2019.
Net profits after zakat and tax recorded SAR 5.5 million in Q1-19, compared to SAR 16.5 million in Q1-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.
Revenues of the Saudi-based company increased by 10.5% to SAR 238.4 million during the first three months of 2019, versus SAR 215.7 million in the same period of the previous year.
Earnings per share (EPS) stood at SAR 0.19 during the three-month period ended 31 March, from SAR 0.58 in the corresponding period in the year before.
The decrease in profits was attributed to an increase in the cost of goods sold in the company in the kingdom due to the price hikes of raw material.
The rise in sales and distribution expenses in Egypt due to the restructure in the sales department and the open of new branches led to the drop in the quarterly profits.
In May, the company announced that it could not publish its audited financial statements for Q1-19.
