Saudi Almarai shares plunge after Q2 profit drop, management changes | ZAWYA MENA Edition:
Shares of Saudi food company Almarai dropped 2% in morning trade after it reported a nearly 12% drop in quartery net profit and announced top management changes.
Almarai posted a net profit of 582.5 million riyals ($155.46 million) in the quarter ended June 30, down from 661.41 million in same period a year earlier.
Arqaam Capital said the result was in line with its expectations, but reflected downward pressure on pricing and volumes as demand is hit by more Saudi expats leaving the country.
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