Saudi Arabian dairy company Almarai Co. has posted an increase in net profit of 36.4% for the 2008 financial year.
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Net profit reached SAR910.3m (US$243m) for the year ended 31 December, up from SAR667.3m in the same period last year.
Sales for the year amounted to SAR5.03bn, an increase of 33.4%, while operating profit amounted to SAR1.06bn, an increase of 35.9% compared to the previous year.
In the fourth quarter of 2008, Almarai generated a net profit of SAR219.2m, an increase of 13.5%.
Sales for the fourth quarter increased 22% to reach SAR1.27bn. This, the company said, reflected “the impact of shifts in the seasonality of consumer consumption” from the fourth quarter to the third quarter of 2008.
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By GlobalData“The 2008 performance can be attributed to a combination of consumer knowledge, superior product and excellence in execution across all aspects of the business, particularly the expansion of our distribution network,” Almarai said in a statement today (19 January).
