HB Posts 2024 Net Profit for 44.7 Million

Halwani Bros. Co. (HB) announced on Wednesday that it recorded a net profit of SAR 44.7 million by the end of 2024, compared to a loss of SAR 98 million last year, following the announcement today of the annual financial results ending on Dec. 31, 2024.

The operatioanl profit amounted to SAR 117 million by the end of 2024, compared to a loss of SAR 56 million last year.

The total equity (after excluding non-controlling interests) in the current year decreased by 6% to SAR 289 million, compared to SAR 307 million last year.

The profits per share in the current year amounted to SAR 1.26, compared to a loss of SAR 2.77 last year.

The Company stated in a statement today on “Tadawul” that the reason for the increase in sales during this year compared to the previous year is due to:

1. The increase in the Company’s sales in the Kingdom of Saudi Arabia;

2. The increase in export sales at the group level; and

3. Sales geographical expansion via increasing sales channels and restructuring the sales department.