Halwani Bros. Co. — Earnings Release 2010

Feb 23, 2011

Halwani Brothers company announces its yearend financial results for the period ended 31/12/2010 as follows

6001 · 23/02/2011 08:03:59 · Announcement #20466 · View on Saudi Exchange

Halwani Brothers company announces its yearend financial results for the period ended 31/12/2010 as follows

1-The business achieved net income for the period ended 31/12/2010 of SR 80.4M compared to SR 42.6M same period previous year with growth of 88.7%

2-Earnings per share for the period ended 31/12/2010 reached SR 2.81 compared to SR 1.49 for the same period previous year.

3-Gross profit achieved for the period ended 31/12/2010 is SR 238M compared to SR 185M same period previous year with growth of 28.6%.

4-Operating profit achieved for the period ended 31/12/2010 is SR 97.8M compared to SR 62.4M same period previous year with growth of 56.7%.

5-The main driver for net income growth of year 2010 compared to the same period previous year is the significant improvement of gross and operating margins as a result of production cost reduction in addition to sales revenue increase from SR 617.3M last year to SR 732M in year 2010 with growth rate of 18.6%.

Notes :

The company had restated the financial statements classification of some elements for year 2009 to be consistent with the same classification used for year 2010 presentation.

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