Halwani Bros. Co. — Earnings Release 2011

Apr 13, 2011

Halwani Brothers company announces its interim financial results for the period ended 31/03/2011 ( 3 months ) as follows :

6001 · 13/04/2011 15:47:21 · Announcement #21244 · View on Saudi Exchange

Halwani Brothers company announces its interim financial results for the period ended 31/03/2011 ( 3 months ) as follows :

1-The business achieved net income in the first quarter 2011 of SR 21.7M compared to SR 21M same quarter previous year with growth of 3.3% and compared to SR 17.5M in the forth quarter 2010 with a growth of 24%.

2- Gross profit achieved in the first quarter 2011 is SR 61.7M compared to SR 57.6M same quarter previous year with growth of 7.1%.

3-Operating profit achieved in the first quarter 2011 is SR 26.6M compared to SR 24M same quarter previous year with growth of 10.8%.

4-Earnings per share for the three months ended 31/03/2011 reached SR 0.76 compared to SR 0.73 for the same period previous year.

5-The main driver for net income growth of the first quarter of year 2011 compared to the same period previous year is the sales revenue increase from SR 173.1M last year to SR 193.9M in year 2011 with growth rate of 12%.

Notes :

1-The company had restated the financial statements presentation of the forth quarter of year 2010 to match the final audited financial statements instead of the limited review of year 2010.

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

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