Saudi Arabia’s Halwani Bros posts 65% decline in profits as inflation bites

RIYADH: Saudi food manufacturer Halwani Bros Co. has reported a 65 percent drop in profit in the first half of the year, due to increased costs resulting from global inflation.

The company’s net profit fell to SR18 million ($5 million) compared to SR52 million in the same period last year, according to a bourse filing.

Halwani Bros attributed the lower profits to rising raw material costs and increased marketing costs due to global inflation.

The devaluation of the Egyptian currency also weighed on profits from its subsidiary in Egypt, it added.