Halwani Bros Company reported that its first-quarter 2013 net income hiked by 70.7% to USD 8.23 million from USD 4.82 million in 2012's same period. The company added that the results were driven by a 15.4% increase in sales, which reached USD 66.65 million, compared with USD 57.77 million a year earlier. Operating profit surged by 53.1% in the quarter to USD 10.61 million from USD 6.93 million.

Halwani Bros. Co., Ltd. reported earnings results for the third quarter and nine months ended September 30, 2011. The company achieved net income in the third quarter of 2011 of SAR 19.6 million compared to SAR 20.3 million same quarter previous year with decline of 3.4% and compared to SAR 23.4 million in the second quarter of 2011 with a decline of 16.2%. Operating profit achieved in the third quarter of 2011 amounted to SAR 27.8 million compared to SAR 25.8 million same quarter previous year with growth of 7.8%. The main driver for net income decline in the third quarter of year 2011 compared to the same period previous year as well as the second quarter of 2011 is the significant increase of main raw materials used in production processes while maintaining finished products selling prices in the Saudi market which affected gross and operating margins. The company achieved net income for the nine months of 2011 of SAR 64.7 million compared to SAR 62.9 million same period previous year with growth of 2.9%. Earnings per share for the nine months of 2011 reached SAR 2.26 compared to SAR 2.2 for the same period previous year. Operating profit achieved for the nine months of 2011 amounted to SAR 83.9 million compared to SAR 75.2 million same period previous year with growth of 11.6%. Year to date intangible profit growth was driven by sales revenue that increased from SAR 538.4 million in 2010 to SAR 615.7 million in 2011 achieving a growth rate of 14.4%.

Halwani Bros. Co., Ltd. Presents at BofA Merrill Lynch MENA Conference, Oct-24-2011 . Venue: Four Seasons Hotel, Kingdom Centre, PO Box 231000, Riyadh, Saudi Arabia.