Halwani Bros of Saudi Arabia has reported a 65 percent drop in profit to $5 million in the first half of the year, due to increased costs resulting from global inflation.
The rising raw material costs and increased marketing costs due to global inflation were also responsible for weaker financial results.
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.
