Halwani Bros. Co. Ltd. announced earnings results for the year ended December 31, 2016. For the year, the company’s net profit was SAR 52 million against SAR 115.1 million a year ago. Earnings per share were SAR 1.82 against SAR 4.03 a year ago. Operational profit was SAR 135 million against SAR 148.7 million a year ago. Decrease in net profit in current period compared to same period in previous year is derived from: Decrease in sales by 8.1% versus previous year from the decrease in local and export sales in Saudi Arabia in addition to the impact of translation of subsidiary company sales. Forex Losses in Subsidiary Company in Egypt from freeing exchange rate of Egyptian pound with impact of SAR 74.8 Million. Increase in sales and distribution expenses by 12.2% versus same period of previous year to support new chicken products for the new factory built in the Egyptian market. Increase in depreciation of fixed assets related to the new industrial complex in Jeddah and the Chicken factory in subsidiary company. Impact of devaluation of Egyptian Pound versus US dollar in subsidiary company leading to Forex losses versus same period of last year despite the reverse of income tax in subsidiary company as a result of the realized Forex losses in subsidiary company and the increase of profit margin from the decrease in raw materials prices in addition to the price increase on subsidiary company product.