SAUDI: Bakery, poultry boosts Almarai FY profit
- Net profit up 26%
- Operating profit climbs 9.9%
- Net sales grow 24.3%
Sales in Almarai's bakery division increased 24%
Saudi food group Almarai has booked an increase in full-year profits, boosted by sales of baked goods and poultry.
Earnings in the 12 months to the end of December climbed by 26% on the previous year, to SAR1.44bn (US$384m), the company reported at the weekend. Almarai said it recorded a strong performance in its bakery and poultry divisions.
Operating profit was up by 9.9% to SAR1.67bn, while net sales grew by 24.3% to SAR9.88bn.
Sales in the firm's bakery division increased by 24% to SAR1.29bn, while poultry sales jumped by 58% to SAR504.3m in the period.
Almarai is among the leading players in packaged food in the UAE and ranks first in dairy products. Having established a new subsidiary in the UAE in 2012, the company is expected to have an even stro...
In spite of being the largest domestic dairy manufacturer, Al Ain Dairy is increasingly facing competition from multinational companies as well as other regional dairy producers like Almarai. Al Ain D...
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