Halwani Brothers Company Announces Its Estimated Financial Results

10/04/2013 09:02 AST

HALWANI BROTHERS COMPANY ANNOUNCES ITS ESTIMATE FINANCIAL RESULTS FOR THE PERIOD ENDED 31/3/2013 (3 MONTHS)

1-Halwani Bros achieved SR 30.9M net income in quarter one 2013 compared to SR 18.1M in the same quarter previous year with a growth of 70.7% and compared to SR 25.4 in quarter four 2012 with a growth of 21.7%

2- Gross profit achieved SR 86.4M in quarter one 2013 compared to SR 66.5M in the same quarter previous year with a growth of SR 29.9%

3-Operating profit achieved SR 39.8M in quarter one 2013 compared to SR 26M in the same quarter previous year with a growth of 53.1%

4-Earnings per share for the three months ended 31/3/2013 reached SR 1.08 compared to SR 0.63 for the same period previous year

5-The main driver for net income growth in quarter one 2013 compared to the same period previous year is driven by sales growth of SR 250M vs. SR 216.7M in quarter one 2012 achieving 15.4% growth rate as well as improved margins as a result of the ongoing cost saving initiatives to offset the raw & packing materials price increases and minimize potential finished product price increase to the consumer

6-The main driver for net income growth in quarter one 2013 compared to quarter four 2012 is driven by the gross profit growth of 17.6% that drives margin improvement by 2%

Tadawul