RIYADH: Saudi food manufacturer Halwani Bros Co. has reported a 22 percent profit drop in the first quarter as global inflation increased its cost burden. The company’s net profit fell from SR25.4 million ($6.8 million) to SR19.7 million year-on-year, according to a bourse filing. Halwani Bros attributed the lower profits to the rising costs of raw materials due to global inflation in addition to increased marketing expenses. It added that the devaluation of the Egyptian currency weighed on profits from its subsidiary in Egypt. Founded in 1952, Jeddah-based Halwani produces and distributes a wide range of food products in Saudi Arabia as well as around the world.