Halwani Bros. Co. — Earnings Release 2011

Jul 6, 2011

Halwani Brothers company announces its closing estimate financial results for the period ended 30/06/2011 ( 6 months )

6001 · 06/07/2011 08:28:07 · Announcement #22118 · View on Saudi Exchange

Halwani Brothers company announces its closing estimate financial results for the period ended 30/06/2011 ( 6 months )

Halwani Brothers company announces its closing estimate financial results for the period ended 30/06/2011 ( 6 months ) as follows :

1- The business achieved net income in the second quarter 2011 of SR 23.4M compared to SR 21.7M same quarter previous year with growth of 7.8% and compared to SR 21.7M in the first quarter 2011 with a growth of 7.8%.

2- Gross profit achieved in the second quarter 2011 is SR 66.4M compared to SR 59.2M same quarter previous year with growth of 12.2%.

3- Operating profit achieved in the second quarter 2011 is SR 29.3M compared to SR 25.4M same quarter previous year with growth of 15.4%.

4- The business achieved net income for the six months ended 30/6/2011 of SR 45M compared to SR 42.7M same period previous year with growth of 5.4%

5- Earnings per share for the six months ended 30/06/2011 reached SR 1.58 compared to SR 1.49 for the same period previous year.

6- Gross profit achieved for the six months ended 30/6/2011 is SR 128.1M compared to SR 116.8M same period previous year with growth of 9.7%.

7- Operating profit achieved for the six months ended 30/6/2011 is SR 55.9M compared to SR 49.4M same period previous year with growth of 13.2%.

8- The main driver for net income growth of the first half of year 2011 compared to the same period previous year is the sales revenue increase from SR 352.3M last year to SR 409.5M in year 2011 with a growth rate of 16.2%.

Net income growth come in line with turnover growth mainly because of raw materials price increases while the company maintained its finished products selling prices in the Saudi market.

Notes :

1- The company had restated the financial statements classification of some elements for the first half of 2010 to be consistent with the classification used for the same period in 2011.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.