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Today, Sunday, Halawani Brothers announced its annual financial results for 2020, realizing a 4,100% jump in net profits.
The company said in a statement to Saudi Stock Exchange Tadawul that net profit was 100.8 million riyal last year, up from 2.4 million riyal in 2019, increasing profits 42 times. .
The reasons for the increase in net profit in the current year compared to the previous year is due to the growth of the company’s sales in the local and international markets due to the success of the marketing and sales policies. which have been applied during the year, and the modernization of 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 revenue rose 17% to 1.055 billion riyal last year, from 899.9 million riyal in 2019.
The company attributed the profit growth to the restructuring of the company’s product and sales mix in line with consumer desires and improved profit margin, and improved gross margin through obtaining competitive prices for procurement and increasing the efficiency and effectiveness of supply chains, and lower financing expenses due to the decrease in total loans amounting to 105 million riyals as well as the low cost of borrowing
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