#SaudiArabia’s Almarai reports 24% rise in fourth-quarter profit on higher sales

Saudi Arabia’s Almarai reports 24% rise in fourth-quarter profit on higher sales

Saudi Arabia's Almarai, the Middle East's largest dairy company, has reported a 24 per cent rise in fourth-quarter net profit, boosted by higher sales in its poultry and bakery businesses.

Consolidated profit attributable to shareholders for the three-month period ending December 31 climbed to 355.8 million Saudi riyals ($94.8 million), compared with 286.5 million riyals during the same period last year, the company said in a statement on Sunday to the Saudi stock exchange Tadawul, where its shares are traded.

Revenue during the period rose nearly 14 per cent to 4.84 billion riyals.

“Positive trend from the first three quarters have continued in the fourth quarter, driven mainly by poultry and bakery [businesses]. Volume growth rates have continued in the current quarter driven by food service expansion and school normalisation activities,” Almarai said in the statement.