SAUDI: Almarai H1 profits boosted by bakery, dairy
Improved profitability was driven by a 15.8% jump in sales
Saudi food group Almarai has said its first-half profits were boosted by higher sales from its bakery, dairy and juice businesses.
The group revealed net profit in the six months to 30 June increased to SAR653.3m, up 5.1% on the comparable period of last year. Operating profit increased 7.9% to SAR784.8m, the group added.
Improved profitability was driven by a 15.8% jump in sales during the six months, with revenues rising to SAR5.28bn.
"The reason for a higher net profit in the first six months of 2013 compared to the first six months of last year is due to the continued growth in our core business of dairy, juice and bakery across all geographical regions," the group said.
Almarai added the company is "satisfied" with its investment plan, which saw it increase production capacity in the period.
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