Halwani Q4 net profit up by 64 Percent

14/01/2016 10:46 AST

Net profit of Halwani Brothers Co. (HB) during the 4th Q 2015 amounted to SAR 38.7 million versus SAR 23.6 million for the same quarter of last year with an increase of 63.98%, compared to SAR 27.4 million for the previous quarter with an increase of 41.2%.

Increase in net profit is derived from the decrease in cost of goods sold from reduction in cost of key raw materials in addition to incomes from insurances claim refund arise from Boiler breakage accident in 2014, despite sales decrease in same quarter from Million 264 SR to Million 263 SR during current quarter due to political conditions in the region which has a direct impact on Export market Add to the main mentioned reasons for profit increase for the current quarter compared to previous quarter, additional reason for profit increase is the fact that there is no need to build doubtful debts provision for this quarter while the inventory provision for spare parts has been increased to meet the disposal plan of old Machinery.

Gross profit during the 4th Q of 2015 added up to SAR 83.2 million versus SAR 72 million for the same quarter of last year, an increase of 15.6 percent.

Operating profit increased 18.85% to SAR 37.2 million during 4th Quarter of 2015 versus SAR 31.3 million for the same quarter of last year.

While, net profit during 2015 showed an increase of 26.8 percent with SAR 115.1 million versus SAR 90.8 million for the last year 2014.

EPS of Halwani during 2015 recorded as SAR 4.03 per share versus SAR 3.18/Share for the same period last year 2014.

The total gross profit during 2015 is recorded as SAR 334.3 million versus SAR 308.4 million for the last year 2014, showing an increase of 8.4%.

The total operating profit of Halwani Brothers Co. during 2015 amounted to SAR 148.7 million versus SAR 134.3 million for the last year 2014, an increase of 10.72%.

GulfBase.com