Halwani Bros. Co. — Earnings Release 2011

Oct 11, 2011

Halwani Brothers company announces its closing estimate financial results for the period ended 30/09/2011 ( 9 months )

6001 · 11/10/2011 08:23:44 · Announcement #22806 · View on Saudi Exchange

Halwani Brothers company announces its closing estimate financial results for the period ended 30/09/2011 ( 9 months )

1-The business achieved net income in the third quarter 2011 of SR 19.6M compared to SR 20.3M same quarter previous year with decline of (3.4)% and compared to SR 23.4M in the second quarter 2011 with a decline of (16.2)%.

2- Gross profit achieved in the third quarter 2011 amounted to SR 60M compared to SR 58.7M same quarter previous year with growth of 2.2%.

3-Operating profit achieved in the third quarter 2011 amounted to SR 27.8M compared to SR 25.8M same quarter previous year with growth of 7.8%.

4-The business achieved net income for the nine months ended 30/9/2011 of SR 64.7M compared to SR 62.9M same period previous year with growth of 2.9%

5-Earnings per share for the nine months ended 30/09/2011 reached SR 2.26 compared to SR 2.2 for the same period previous year.

6-Gross profit achieved for the nine months ended 30/9/2011 amounted to SR 188.1M compared to SR 175.5M same period previous year with growth of 7.2%.

7-Operating profit achieved for the nine months ended 30/9/2011 amounted to SR 83.9M compared to SR 75.2M same period previous year with growth of 11.6%.

8-The main driver for net income decline in the third quarter of year 2011 compared to the same period previous year and the second quarter of this year is the significant increase of main raw materials used in production processes while maintaining finished products selling prices in the Saudi market which affected gross and operating margins, while year to date intangible profit growth was driven by sales revenue that increased from SR 538.4M last year to SR 615.7M in 2011 achieving a growth rate of 14.4%.

Notes :

1-The company had restated the financial statements classification of some items for the period ended 30/9/2010 to be consistent with the classification used for the same period in 2011.

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