Halwani Bros. Co. — Earnings Release 2011

Jan 10, 2012

Halwani Brothers company announces its closing estimate financial results for the period ended 31/12/2011 ( 12 months )

6001 · 10/01/2012 08:20:38 · Announcement #23564 · View on Saudi Exchange

Halwani Brothers company announces its closing estimate financial results for the period ended 31/12/2011 ( 12 months )

1-The business delivered net income in the forth quarter 2011 of SR 15.9M compared to SR 17.5M same quarter previous year with a decline of (9.1)% and compared to SR 19.6M in the third quarter 2011 with a decline of (18.9)%.

2- Gross profit achieved in the forth quarter 2011 is amounted to SR 55.4M compared to SR 62.4M same quarter previous year with a decline of (11.2)%.

3-Operating profit achieved in the forth quarter 2011 is amounted to SR 20.6M compared to SR 22.5M same quarter previous year with a decline of (8.4)%.

4-The business delivered net income for the twelve months ended 31/12/2011 of SR 80.5M compared to SR 80.4M same period previous year with a growth of 0.1%

5-Earnings per share for the twelve months ended 31/12/2011 reached SR 2.82 compared to SR 2.81 for the same period previous year

6-Gross profit achieved for the twelve months ended 31/12/2011 is amounted to SR 243.5M compared to SR 238M same period previous year with a growth of 2.3%.

7-Operating profit achieved for the twelve months ended 31/12/2011 is amounted to SR 104.5M compared to SR 97.8M same period previous year with a growth of 6.9%.

8-The main driver for net income decline in the forth quarter of year 2011 compared to the same period previous year as well as the third quarter of this year is the significant increase of main raw materials prices used in production processes while maintaining finished products selling prices in the Saudi market which affected gross and operating margins in addition to sales revenue slow down of the subsidiary company in Egypt affected by the political and economical situation , while year to date minor profit growth is driven by sales revenue that increased from SR 732M last year to SR 813.6M in 2011 achieving a growth rate of 11.1%.

Notes :

1-The company had restated the financial statements presentation of the forth quarter of previous year as well as full year balances 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 items for the period ended 31/12/2010 to be consistent with the classification used for the same period in 2011.

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