Halwani Brothers Q2 profit up 32%

PROFITS UP: Jeddah-based Halwani Brothers has ambitious expansion plans. (Getty Images)

Saudi food company Halwani Brothers has posted a 32 percent rise in second-quarter profit thanks to rising sales and operating profit.

Halwani made a net profit of 11.9 million riyals ($3.17 million) in the three months to June 30, compared with 9 million riyals a year earlier, the firm said in a statement on the Saudi bourse website on Sunday.

Halwani attributed the rise to operating profit rising 31.7 percent.

Last month the company announced plans to spend up to 250 million riyals ($66.7 million) to double to 10 percent its annual sales growth from 2011.

The firm is due to award this month contracts for the first phase of the expansion, which will include a date biscuit plant and a packaging unit that will start before the end of 2010, Chief Executive Saleh Hefni told Reuters at the time. (Reuters)

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