Riyadh – Mubasher: Halwani Bros' net profits for the second quarter of 2016 grew 35.5% year-over-year to SAR 31.3 million ($8.35 million) from SAR 23.1 million ($6.16 million), according to a bourse filing.

The company attributed this growth to a reduction in main raw materials' prices and to the cancellation of a subsidiary's dividend payout on 11 May, the filing indicated.

Moreover, the company achieved one-time gains after selling fully depreciated fixed assets and claim SAR 1 million insurance against the FY14 fire accident in Al Madinah's branch, despite the increase, despite an 11% decrease in sales as a results of currency devaluation in a subsidiary.

On a six-month basis, the company earned SAR 45.2 million in the first half, down 7.76% from SAR 49 million for the year-ago period.

Lower six-month net profit was driven by a decrease in domestic sales due to the slowdown of business activity during Ramadan in spite of the decline in the commercial and industrial profit tax and the sale of fixed assets.

In the first quarter, the company registered SAR 13.9 million profits compared with SAR 25.9 million for the year-ago quarter.