Riyadh – Mubasher: Halwani Bros Co on Sunday posted a 16.7% year-on-year drop and a 55.37% hike quarter-on-quarter in net profit for the third quarter of 2017.

Net profit amounted to SAR 18.8 million in Q3-17, compared to SAR 22.4 million in Q3-16 and SAR 12.1 million in Q2-17, Halwani said in a filing to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm attributed the decline in Q3-17 profits compared to Q3-16 to the decrease in sales of its subsidiary resulted from the translation of Egyptian pound to Saudi Riyals when preparing the consolidated financial statements of the group.

This decrease occurred despite the increase of the subsidiary’s sales in Egyptian Pound, as well as the increase in the company’s sales in Saudi Arabia.

The company indicated to the increase in cost of sale of its subsidiary because of the increase of raw materials, public utilities, and fuels prices.

In the first nine months of 2017, net profit retreated 25.5% to SAR 51.3 million, compared to SAR 68.9 million in the prior-year period.

Profits stood at SAR 12.1 million in Q2-17, as it plunged 63.2% from Q2-16 and 40.7% from Q1-17, respectively.

Halwani Bros had previously reported a 30.04% decline to SAR 32.6 million in H1-17, compared to SAR 46.6 million in H1-16.