Jeddah, July 5 - Saudi food company Halwani Brothers Co 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 gaining 31.7 percent in the second quarter.
The company plans to spend up to 250 million riyals to double to 10 percent its annual sales growth from 2011, its top executive said last month.
Halwani is active mainly in Saudi Arabia and Egypt. Its products include Middle Eastern sweets, processed meat, jams and dairy products.