Riyadh – Mubasher: Halwani Bros posted that its net profits for the first quarter of 2016 declined by 46.33% to SAR13.9 million ($3.7 million) from SAR25.9 million ($6.9 million).
Lower profitability is mainly ascribed to the devaluation of Egyptian pound against U.S dollar on its subsidiaries in Egypt, in spite of registering an increase in sales, the company said in a bourse filing.
