Saudi Arabia-based food and drinks group Almarai has reported a 12% increase in first-quarter profits.
Almarai booked net income of SAR306.5m (US$81.7m) for the three months to the end of March. Operating income was up 20.7% at SAR378.1m.
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The company said its three main divisions – bakery, poultry and the combined dairy and juice – each improved their profitability. Profits from bakery and the dairy and juice business were up, while losses from poultry fell.
The company posted an 11.7% increase in sales during the quarter to SAR3.04bn. Poultry sales climbed 46.4%, with sales from Almarai's combined dairy and juice business rising 10.7%.
Almarai's bakery business may have seen profits increase but its sales fell 4.8%.
"Overall, the company is pleased with its business performance for Q1 2015," Almarai said. "The continued top-line growth this quarter generated improved profitability both at gross margin and operating income levels. The strategic execution in investments also continued during the quarter as planned. Barring unforeseen events, the company should continue its profitable growth for the next quarters."
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By GlobalData
