A further devaluation of the Egyptian pound against the US dollar poses a key risk for Halwani Bros' business in the near term, the Saudi-listed company's chief executive Saleh Hefni told Al-Arabiya.

 

Hefni explained that Halwani's decision to cancel EGP 150 million worth of dividends from its Egyptian subsidiary was due to the country's foreign currency shortage.

 

Measures have also been taken by the food producer to mitigate potential risks in Egypt by purchasing necessary raw materials and opening credit letters to businesses in Brazil that export meat to the country. 

 

On Sunday, Halwani reported an 8 percent year-on-year drop in H1-2016 net profit to SAR 45.2 million. The decline was attributed to lower sales during Ramadan.

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