Halwani Bros. Co. — Earnings Release 2015

Feb 17, 2015

Halwani Bros announces the annual financial results for the period ending on 31-12-2014

6001 · 17/02/2015 08:04:56 · Announcement #37149 · View on Saudi Exchange

Halwani Bros announces the annual financial results for the period ending on 31-12-2014

Element	Current year	Previous year	% Change
Net profit (loss)	90.8	92.5	-1.84
Earning or loss per share, Riyals	3.18	3.24	-
Gross profit (loss)	308.4	286.7	7.57
Operational profit (loss)	134.3	131.6	2.05

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	Decline is driven by increase in selling and distribution expenses general administrative expenses along with the increase in corporate income taxes in Egypt from 25% to 30%. Its worth mentioning that 2014 financial statements as per SOCPA accounting standards incurs the value of damaged inventory, property and equipment resulted from the 3 incidents during the year without realizing the insurance indemnification due from the insurance company
Reclassifications in annual financial results	Financing Revenue is separated from Financing Expenses with no impact on Profit before zakat and foreign income tax.

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