SAUDI: Broad-based sales growth boosts Almarai profits
Almarai said performance "in line with strategic development plan"
Saudi food group Almarai has reported higher first-quarter profits on the back of rising sales "in all business segments" and a gain from a recent infant formula acquisition.
Almarai booked net profit of SAR273.6m (US$72.9m) for the three months to the end of June, up 7.3% on the first quarter of 2013.
The company said its decision to take full control of local infant formula venture International Pediatric Nutrition Company helped its bottom line. It cited a "one off re-measurement positive effect of SAR20.9m" from the acquisition.
Reuters reported Almarai's net profit missed analyst forecasts despite the one-off gain. Analysts on average estimated Almarai would post a profit of SAR284.9m.
Operating profit rose 3.2% to SAR310.4m. Almarai also pointed to the rise in sales across its business. Sales increased 12.3% to SAR2.72bn during the first quarter
Almarai said profits "also grew strongly" in all divisions except poultry. It added: "The company is satisfied with its business performance which is in line with its strategic development plan."
Almarai Co Ltd, remains one the leading companies, not only in the packaged food market, but also in the health and wellness segment in Saudi Arabia. Its strategic goal is to continue to lead the heal...
Almarai is expected to benefit from strong investment in advertising in the United Arab Emirates in the forecast period. The company may face a challenge from second-ranked dairy player Al Ain, which ...
Dairy in Saudi Arabia industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018). The profile also contains descri...
Dairy in United Arab Emirates industry profile provides top-line qualitative and quantitative summary information including: market size (value 2009-13, and forecast to 2018). The profile also contain...
- How Danone aims to meet its 2020 objectives
- Greencore's food-to-go focus paying dividends
- Interview: Ritter sees growth potential in US, EU
- Will Belvita win at breakfast in China? - analysis
- Interview: How American Halal rides ethical wave
- Pinnacle to buy Boulder Brands in $975m deal
- Genius Foods buys UK gluten-free firm Chapel Foods
- Nestle combats Thai seafood supply forced labour
- Maple Leaf Foods to cut over 400 jobs
- Greencore profits lifted by on-the-go food focus