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Halwani Bros. Q2 profit falls YOY

Halwani Bros. Co. Ltd. said its normalized net income for the second quarter came to 76 halalas per share, a decline of 5.1% from 80 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 21.7 million riyals, a decline of 5.1% from 22.9 million riyals in the prior-year period.

The normalized profit margin fell to 8.1% from 8.4% in the year-earlier period.

Total revenue declined on an annual basis to 267.7 million riyals from 274.0 million riyals, and total operating expenses fell year over year to 233.4 million riyals from 237.6 million riyals.

Reported net income totaled 23.1 million riyals, or 81 halalas per share, compared to 23.1 million riyals, or 81 halalas per share, in the year-earlier period.

As of July 15, US$1 was equivalent to 3.75 Saudi Arabian riyals.