Saudi: Halwani Bros suffers $18.82mln net losses in 9M-23

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Riyadh – Halwani Bros Company posted a net loss after Zakat and tax of SAR 70.60 million in the first nine months (9M) of 2023, marking a 1,284.31% year-on-year (YoY) surge from SAR 5.10 million.

The company’s revenues reached SAR 656 million during the January-September 2023 period, down by 14.78% YoY from SAR 769.80 million, according to the interim financial results.

The loss per share rose to SAR 2 in 9M-23 from SAR 0.14 in 9M-22.

Income Statements for Q3-23

In the third quarter (Q3) of 2023, the Saudi firm registered a net loss after Zakat and tax of SAR 42.50 million, which increased by 84.78% YoY from SAR 23 million.

The revenues declined by 8.14% to SAR 211.10 million in July-September 2023 from SAR 229.80 million in the same period a year ago.

On a quarterly basis, the Q3-23 losses deepened by 42.62% from the SAR 29.80 million reported in Q2-23, while the revenues grew by 11.28% from SAR 189.70 million.

In September 2023, Halwani Bros renewed its Islamic financing agreement with Al Rajhi Bank for SAR 210 million to fund its working capital.