The Clap
Halwani Bros (6001) recorded a net loss of SAR 23 million in Q3 2022, compared to a profit of SAR 14 million YoY.
The Deets
The company indicated that its losses are due to a decrease in its total profit by 38% during the quarter, as a result of the decline in its sales, and the impact of the rise in prices of raw materials.
In addition to that, the increase in its selling and distribution expenses and the consolidated company’s profits were affected by the decline in the currency exchange rate of its subsidiary in Egypt.
Interest Rates
The company was also affected by the decision of the Saudi Central Bank to raise the repurchase agreements rate, leading to higher financing costs.
Halawani Bros
Halawani Bros is a pioneer in the field of food production, processing, and distribution in KSA. It owns two factories in Egypt, one for the manufacture of food products and another for poultry.
