Riyadh – Mubasher: Halwani Bros Co’s profits hiked 48.91% year-on-year in the first quarter of 2017.

Earnings amounted to SAR 20.4 million in Q1-17 as compared to SAR 13.7 million in Q1-16, according to a bourse filing on Tuesday.

The increase in profits was attributable to lower general, administrative, sales, and distribution expenses.

Foreign exchange losses decreased quarter-on-quarter by SAR 23.9 million as a result of the devaluation of the Egyptian pound. This contributed to the rise in profits.

Sales retreated 26.7% to SAR 203.5 million from SAR 277.8 million in the same period of the previous year.