Saudi Halwani Bros quarterly profits dragged down by global inflation, rising costs

RIYADH: Saudi food manufacturer Halwani Bros Co. has reported a 22 percent profit drop in the first quarter as global inflation increased its cost burden. The company’s net profit fell from SR25.4 million ($6.8 million) to SR19.7 million year-on-year, according to a bourse filing. Halwani Bros attributed the lower profits to the rising costs of raw materials due to global

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