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FINANCIAL NEWS
Saudi Halwani reports 68% jump in Q1 profits
05 Apr 2010
(MENAFN) Saudi food company Halwani Brothers Co. announced that it has posted a 68 percent rise in first-quarter net profits due to improving operational profits, kicking off the kingdom’s earnings season, SPA reported.
Halwani made a net profit of $5.6 million in the three months to March 31, compared to $3.33 million in the same period last year, according to a bourse statement.
The reason behind the increase in net profits for the current quarter is due to the improvement of the total and operational profits, the firm said. Operational profit increased by 57.5 percent to $6.4 million in the quarter, it added.
Halwani is active manily in Saudi Arabia and Egypt. Its products include Middle Eastern sweets, processed meat, jams and dairy products.
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