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 seeks to further strengthen its position as the leader in packaged food through the production and distribution of high-quality and nutritious products that “enrich our customers’ lives every ...
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...
Almarai Co Ltd is set for consistent growth over the forecast period, given the company’s massive domestic production capabilities as well as world-class supply chain system. The company has been inve...
Dairy in Saudi Arabia industry profile provides top-line qualitative and quantitative summary information including: market size (value 2007-11, and forecast to 2016). The profile also contains descri...
Dairy in United Arab Emirates industry profile provides top-line qualitative and quantitative summary information including: market size (value 2007-11, and forecast to 2016). The profile also contain...
2012 saw other dairy witness aggressive new product development in different categories. Almarai introduced its sour cream in mid-2012 whereas Al Safi Danone entered the market of chilled sour cream b...
Cheese is expected to record impressive growth in 2012, up by 13% in current value and by 7% in volume. The growth was largely attributed to strong companies activities, particularly the increased foc...
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