The profits of Halwani Brothers decreased by 16.5% to reach 84.25 million riyals in 2021, compared to 100.84 million riyals in profits in 2020.
According to Arabiya Net, the company explained that this decline is due to the rise in the prices of raw materials within the global inflation resulting from the impact of (Covid-19) during the year 2021 compared to in the previous year.
Sales increased by 3.434% to reach 1.091 billion riyals, compared to 1.055 billion riyals in the previous year, which the company attributed to the increase in spending on marketing offers to customers and consumers. from the previous year.
The company explained that the decline in profits is due to the completion of the organizational structure of the subsidiary company in the Arab Republic of Egypt, and the formation of an additional provision for zakat on the examination differences for the years from 2015 to 2019 and the payment of differences Examination for the year 2020.
