•  Q2 net profit rose by 8.7%
  •  Operating profit increased by 7.1%
  •  Turnover up 25.4%

Saudi food group Almarai had booked an increase in second-quarter profits on the back of a jump in sales, which were up more than one-quarter.

Almarai said net profit rose by 8.7% in the three months to 30 June, while operating profit increased by 7.1% year-on-year.

Profit growth was driven by higher sales in the period, with were up 25.4% compared to the same period last year.

Almarai said revenues were boosted by product development and improved customer service, which allowed the group to book higher turnover in "all sectors" - particularly bakery and poultry.

For the first time, the group also fully consolidated the results from IDJ, in which it holds a majority stake.

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Almarai Company announces its interim consolidated financial results for the period ended 30  results for the period ended 30 June  June 2012  2012 (Six Months (Six Months))

Press Release (07/07/2012)
Almarai Company (Almarai) announced its interim consolidated financial results for the period ended 30 June 2012:

1) For the second quarter ended 30 June 2012 Almarai generated a consolidated net profit amounting to SAR 379.5 million, an increase of 8.7% compared to the same period last year (SAR 349.3 million) and an increase of 56.7% compared to the first quarter 2012 (SAR 242.1 million).

2) The total gross profit for the second quarter ended 30 June 2012 amounted to SAR 921.7 million, an increase of  increase of 1818.77% compared to the same period last year (SAR % compared to the same period last year (SAR 776 776.8  8 million) million).

3) The operating profit for the second quarter ended 30 June 2012 amounted to SAR 434.6 million, an increase of 7.1% compared to the same period last year (SAR 405.8 million).

4) The consolidated net profit for the first six months ended 30 June 2012 amounted to SAR 621.6 million, an increase of 6.4% compared to the same period last year (SAR 584.5 million).

5) The earning p gs per share (EPS) for the six months ended 30 June 2012 was SAR 1.55 compared to SAR 1.46 for the prior year. Note that the EPS calculation based of 400 million shares what was approve in the extraordinary general assembly meeting on 2ndof April 2012.

6) The total gross profit for the first six months ended 30 June 2012 amounted to SAR 1,629.0 million, an increase of 15.5% compared to the same period last year (SAR 1,411.0 million).

7) The operating profit for the first six months ended 30 June 2012 amounted to SAR 727.0 million, an increase of 4.3% compared to the same period last year (SAR 697.2 million).

8) Turnover for the second quarter ended 30 June 2012 amounted to SAR 2,524.1 million, an increase of 25.4% compared to the same period last year (SAR 2,012.9 million).

9) Turnover for the first six months ended 30 June 2012 amounted to SAR 4,564.5 million, an increase
of 21.5% compared to the same period last year (SAR 3,756.4 million).

10) The reason for sales growth during the quarter relative to the same period last year is sales growth in all sectors, especially bakery and poultry due to further product development and continuous improvement of services to our customers.

In addition to organic growth, Almarai has fully consolidated IDJ for the first time as a result of Almarai  now holding a majority shareholding following the increase of share capital of IDJ (refer announcementdated 28th March 2012). Sales have increased by  SAR 164.6 million as a result of this first time consolidation.The reason for the growth of sales and profits of the second quarter compared to first quarter of this year is the reasons mentioned above as well as the seasonal impact experienced every year. Overall, Almarai is satisfied with the growth indicators (recording an increase of sales of 17% in the quarter compared to the same period last year), the business development and performance in the quarter.

Original source: http://www.almarai.com//assests/pdf/634772557524218750.pdf