Riyadh – Mubasher: Halwani Bros Co on Sunday said that it turned a profit in the fourth quarter of 2017, against suffering losses in the year-ago period.

The firm’s net profits amounted to SAR 20 million during Q4-17, against SAR 17 million net losses in the same period a year earlier, according to a statement to the Saudi Stock Exchange (Tadawul).

As for the full-year 2017, net profits of the Middle East's food products producer jumped 37.38% to SAR 71.3 million, from SAR 51.9 million in the previous year.

The company attributed the rise in its 2017 profits to a 12.2% decline in selling and distributing expenses, as well as a 24.2% decrease in general and administrative expenses.

“Same period in the previous year include Forex Losses in Subsidiary Company in Egypt from freeing exchange rate of Egyptian pound with impact of SAR 75.8 million,” the statement added.

Halwani Bros’ stock fell 1.07%, closing Sunday at SAR 53.70.