Halwani Bros. Co. — Interim / Quarterly Report 2013

Jan 13, 2014

HALWANI BROTHERS COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31/12/2013 (12 MONTHS)

6001 · 13/01/2014 16:54:37 · Announcement #32846 · View on Saudi Exchange

HALWANI BROTHERS COMPANY ANNOUNCES ITS INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED 31/12/2013 (12 MONTHS)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	22.5	25.4	-	17.1	31.58
Gross profit (loss)	67.1	73.5	-	60.3	11.28
Operational profit (loss)	33.2	33.8	-	25.9	28.19
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	92.5	87	6.32
Gross profit (loss)	286.7	276.2	3.8
Operational profit (loss)	131.8	120.7	9.2
Earning or loss per share, Riyals	3.24	3.05	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	Decline is due to the continuous increase of raw material prices
Reasons of increase (decrease) for period compared with same period last year	Growth is due to sales growth where 2013 Turnover is SR 958M compared to SR 892M in 2012 that is equivalent to 7.4% growth as well as reduction in the Egyptian business unit finance charges
Reasons of increase (decrease) for quarter compared with previous quarter	Irrespective of raw material prices, Turnover growth from SR 241M in 2013 vs. SR 228M in Q3 2013 equivalent to 6%,drove 31.6% bottom line profit growth, along with controlled SG&A and re-calculated zakat based on the actual profit delivered
Reclassifications in quarterly financial results	The company had restated the financial statements presentation of the forth quarter and 12 months of year 2012 to match the year 2013 presentation that affected to the operational profits number.

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