RIYADH: Saudi food manufacturer Halwani Bros Co. has experienced losses during the first nine months of 2022, due to increased costs resulting from global inflation.
The company registered a net loss of SR5.1 million ($1.36 million) for the period ending Sep. 30, compared with SR66 million in profits in the prior-year period, according to a bourse filing.
Following the announcement, Halwani’s shares declined 2.12 percent at the opening of Monday to reach SR60.00, as of 10:09 a.m. Saudi time.
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.
Founded in 1952, Jeddah-based Halwani produces and distributes a wide range of food products in Saudi Arabia as well as around the world.