Halwani plans to export products from Egypt on pound devaluation

Halwani Bros is planning to export products from its factories in Egypt to Saudi Arabia and other foreign markets to mitigate the impact of the Egyptian pound’s devaluation, London-based Asharq Al-Awsat newspaper reported, citing the company’s chief executive officer Saleh Hefni.

The devaluation has weighed on the company’s profit in recent months, Hefni explained, adding that he expects Halwani to generate a profit by the end of this year.

The sweets and foods producer is also considering whether to invest in developing a 150,000 square-meter land plot it owns in King Abdullah Economic City (KAEC) to expand its business to segments such as poultry.

The company’s board is developing a mechanism for asset protection, after approving a five-year strategy aimed at industrial expansions, new product launches, and acquisition deals.