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."
- Nestle on China, candy, nutrition - analysis
- Why Jet.com purchase could boost Wal-Mart online
- What lies ahead for Tyrrells and Amplify?
- England child obesity plan should cheer industry
- Interview, part 1: Emmi CEO Urs Riedener
- Mondelez buys rest of Vietnam snacks business
- Australia launches dairy sector probe
- Lotus Bakeries enjoys growth organically, via M&A
- Smucker cuts forecast as sales decline
- Emmi earnings grow but sales outlook lowered