RIYADH: Saudi food manufacturer Halwani Bros Co. has reported a 16 percent decline in profit in 2021.
The company’s net profit fell from SR101 million ($107 million) to SR84 million year-on-year, according to a bourse filing.
The company's poor performance was attributed to the rising cost of raw materials due to global inflation caused by COVID-19.
Founded in 1952, the Jeddah-based Halwani company produces Middle Eastern food in Saudi Arabia as well as around the world.
