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Halwani Bros. Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 238.5268.6-11.21301.5-20.89
Gross Profit (Loss) 64.988.2-26.4295.7-32.18
Operational Profit (Loss) 6.336.9-82.9330.7-79.48
Net Profit (Loss) after Zakat and Tax -1.826.2-19.7-
Total Comprehensive Income -6.726.4--8.1-17.28
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 540555.2-2.74
Gross Profit (Loss) 160.7187.3-14.2
Operational Profit (Loss) 3771.5-48.25
Net Profit (Loss) after Zakat and Tax 17.951.6-65.31
Total Comprehensive Income -14.851.8-
Total Share Holders Equity (after Deducting Minority Equity) 484.5538.2-9.98
Profit (Loss) per Share 0.511.46
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the decrease in net profit during the current quarter compared to the same quarter of the previous year is due to:

1) The company's Gross profit decreased by 26% during the current quarter compared to the same quarter of the previous year as a result of the company's being affected by the increase in the prices of raw materials costs within the global inflation that had an impact on most companies.

2) The consolidated company's profits were affected by the depreciation of the currency exchange rate in the subsidiary company in Egypt.

3) Marketing campaigns for customers and consumers led to an increase in spending during the current quarter compared to the same quarter of the previous year.

In light of global developments with the rise in interest rates, the Saudi Central Bank (SAMA) has raised the rate of repo agreements which led to an increase in the cost of financing, and this is in line with the goal of the Saudi Central Bank to maintain monetary and financial stability.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The reason for the decrease in net profit during the current quarter compared to the previous quarter is due to:

1) The profit of the consolidated company was affected by the depreciation of the currency exchange rate in the subsidiary company in Egypt.

2) The increase in the cost of financing, mainly due to the high interest rates set by the Saudi Central Bank.

3) As a result of the nature of seasonal demand during the month of Ramadan and the Eid al-Fitr holiday during the current quarter compared to the previous quarter.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason for the decrease in net profit during the current period compared to the same period of the previous year is due to:

1) The company's Gross profit decreased by 14% during the current period compared to the same period of the previous year as a result of the company's being affected by the increase in the prices of raw materials costs within the global inflation, which had an impact on most companies.

2) The consolidated company's profits were affected by the depreciation of the currency exchange rate in the subsidiary company in Egypt.

3) Marketing campaigns for customers and consumers led to an increase in spending on during the current period compared to the same period of the previous year.

4) The increase in the cost of financing, mainly due to the high interest rates set by the Saudi Central Bank.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Presentation, compilation and classification of items, elements and comparative notes to the interim consolidated financial statements are presented to comply with the accounting policies applied for the current period, which were prepared in accordance with International Financial Reporting Standards (IFRS) approved in the Kingdom of Saudi Arabia. For more information, you can refer to Note No. 17 (Comparative Figures) in the interim consolidated financial statements for the period ending on June 30, 2022.
Additional Information Earnings per share for the six-month period ending on 30/06/2022 and 30/06/2021 was calculated by dividing the net income for the period by 35,357,145 shares (Including Bonus Shares) based on the approval of the Extraordinary General Assembly to increase the capital by granting free shares on 28/04/2021

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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