A decision by the Egyptian government to float its currency resulted in a negative impact of SAR 57.9 million on Halwani Bros’ consolidated net profit for Q4-2016, and of SAR 75.8 million for the full year, based on the official exchange rate prevalent in Egypt on Dec. 31, 2016.
The Saudi confectioner said in a statement to Tadawul on Wednesday that its Egyptian subsidiary’s financial statements implied a total forex impact of SAR 91.6 million, but it had taken several measures to curb losses and mitigate the impact of the devaluation.
Halwani added that it In November, Halwani said it expected the pound float to have a negative impact of SAR 28 million on its Q4-2016 results.
The company reported a net loss of SAR 15.73 million for the fourth quarter of 2016, compared with a profit of SAR 38.7 million in the same period last year and a profit of SAR 22.52 million in the third quarter of 2016.
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