The financial statements of Halwani Brothers Company showed that the company turned to profitability in the second quarter of this year compared to the losses for the same period in 2019.

According to the results of the company for the Saudi market (Tadawul) today, Wednesday, the profits for the period amounted to 25.9 million riyals, compared to the losses for the second quarter of 2019 of 3.7 million riyals. p>

The company said in a statement to the Stock Exchange that the improvement in results during the comparison periods is due to the growth in the company's sales in Saudi Arabia and Egypt as a result of restructuring the local and international sales apparatus.

She explained that the system of discounts and incentives for customers has been updated to achieve the highest profitability for the company and increase the market share, in addition to the improvement in the sales mix by focusing on the most profitable products.

Some major raw material suppliers were also contracted at competitive prices during the second quarter of this year compared to the prices of the corresponding quarter of 2019, in addition to the decrease in financing expenses due to a decrease Total loans amounting to 104 million riyals, as well as the low cost of lending.

The company achieved profits of 56.3 million riyals in the first half of this year, compared to a profit of 1.8 million riyals for the same period last year, with a large jump in profits by more than 3000%.

(Fun Knowledge of Knowledge)