Halwani Bros. achieved a 4100% increase in profits in 2020, with net profits reaching 100.8 million riyals in 2020, compared to 2.4 million riyals in 2019. to increase Earnings so 42 times.
According to Arabiya, the company said in a statement that the reasons for the increase in net profits for the current year compared to the previous year are due to the growth in the company's sales in the domestic and international markets as a result of success. Marketing and sales policies that were applied during the year, updating the system of discounts and incentives for customers in order to achieve the highest profitability of the company and increase the market share.
The company's revenues rose 17% to 1.055 billion riyals last year, compared to 899.9 million riyals in 2019.
The company attributed the profit growth to the restructuring of the products and the sales mix of the company in line with the desires of consumers and the improvement of the profit margin, and the improvement in the gross profit margin as a result of obtaining competitive prices for purchases and increasing the efficiency and effectiveness of supply chains, and the decrease in financing expenses as a result of the decrease in total loans by an amount. 105 million riyals, as well as the low cost of borrowing
