Halwani Bros. Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	1,024.32	1,091.29	-6.14
Gross Profit (Loss)	271.07	344.22	-21.25
Operational Profit (Loss)	46.73	124.17	-62.37
Net Profit (Loss) after Zakat and Tax	2.92	84.25	-96.53
Total Comprehensive Income	-65.55	83.49	-
Total Share Holders Equity (after Deducting Minority Equity)	433.67	569.93	-23.91
Profit (Loss) per Share	0.08	2.38
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The reason for the decrease in net profit during this year compared to the previous year is due to:

1) The decrease in the sales of the subsidiary company in the Arab Republic of Egypt as a result of the economic conditions resulting from the change in the exchange rates of the Egyptian pound.

2) The decrease in the total profit of the company by 21% during the current year compared to the previous year as a result of the company being affected by the increase in the prices of raw materials costs within the global inflation, which had an impact on most companies.

3) The profits of the consolidated company were affected by the decrease in the currency exchange rate in the subsidiary company in the Arab Republic of Egypt.

4) An increase in general and administrative expenses during the current year compared to the previous year.

5) An increase in the financing cost, mainly due to the high interest rates set by the Central Bank of Saudi Arabia. Statement of the type of external auditor's report Unmodified opinion Reclassification of Comparison Items The figures in the financial statements have been grouped to conform with the accounting policies for the current year presentation as per International Financial Reporting Standard as endorsed in the Kingdom of Saudi Arabia. For more information, refer note 34- Comparative figures in the Financial Statements for the period ending on December 31, 2022. Additional Information Earnings per share for the twelve months period ending on 31/12/2022 and 31/12/2021 was calculated by dividing the net income for the period by 35,357,145 shares (Including Bonus Shares) based on the approval of the Extraordinary General Assembly to increase the capital by granting free shares on 28/04/2021

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