The recent devaluation of the Egyptian pound has resulted in a SAR 26 million impact for Halwani Bros, which led to a double digit profit decline in Q1-2016, the company’s chief executive Saleh Hefni told Al-Arabiya TV.
The Saudi-listed firm had adjusted its prices in Egypt after the currency change in order to guarantee a steady flow of income, Hefni said.
Excluding the devaluation, the sweets producer would have reported a record net profit in Q1, he explained, as its sales and earnings in Egypt account for around 60 percent of the company’s total sales and net profit.
On Sunday, Halwani Bros reported a 46 percent year-on-year decline in first-quarter net profit to SAR 13.9 million.
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