Riyadh – Mubasher: Halwani Bros Co posted a drop of 17.88% in profits during the third quarter of 2016 as compared to the same period a year ago.
Earnings amounted to SAR 22.5 million ($6 million) in Q3-16 as compared to SAR 27.4 million ($7.3 million) in Q3-15, according to a bourse statement to Tadawul.
During the nine months of 2016, profits decreased 11.26% to SAR 67.8 million as compared to SAR 76.4 million in the same period a year ago.
The lower profits resulted from an increase in sales and distribution expenses by 8.5 % in subsidiary company to promote new products launched in the Egyptian market, despite the rise in gross profit of current quarter by 1.7 % compared to Q3-15.
In Q3-16, revenues retreated 1.1% to SAR 259.5 million as compared to SAR 260.6 million in Q3-15.
Overall revenues shrank 37.9% to SAR 782.8 million in the nine months of 2016 as compared to SAR 820.7 million.
