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FINANCIAL NEWS
Saudi Halwani Brothers reports 70.7% surge in Q1 income
13 Apr 2013
(MENAFN) Halwani Brothers Company stated that its first-quarter net income hiked by 70.7 percent to USD8.23 million from USD4.82 million in 2012’s same period, according to a statement on the Saudi bourse.
The company added that the results were driven by a 15.4-percent increase in sales, which reached USD66.65 million, compared with USD57.77 million a year earlier.
Meanwhile, operating profit surged by 53.1 percent in the 3-month period to USD10.61 million from USD6.93 million.
It is worth noting that Halwani’s gross profit reached USD23.03 million, recording an increase of 29.9 percent from the USD17.73 million posted a year earlier.
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