Halwani Brothers Company recorded a net profit growth of 1.2% to reach 26.24 million riyals in the second quarter, compared to 25.93 million riyals during the same period last year.
According to Arabiya Net, the company said in a statement that revenues fell by 1.4% to 268.6 million riyals, compared to 272.39 million riyals during the same period last year.
The company explained that despite the different market conditions, the company was able to maintain sales volume compared to the same quarter of the previous year, and launch new products in the market during the current quarter in accordance with the general strategy. The company has not contributed to the growth of sales.
Selling and marketing expenses decreased as a result of restructuring expenses in the current quarter compared to the same quarter of the previous year, and general and administrative expenses decreased in the current quarter compared to the same quarter of the previous year. .
The company explained that the decrease in financing expenses came as a result of the decrease in the cost of lending in the current quarter compared to the same quarter of the previous year.
During the first half, the net profit fell by 8.4% to 51.6 million riyals, after a decline in revenues by 0.4% to 555.2 million riyals.
The company attributed this decline to conducting exceptional marketing campaigns, in addition to completing the organizational structure of the subsidiary company in the Arab Republic of Egypt and increasing advisory expenses.
