Almarai posts jump in full year profit

Almarai posts jump in full year profit

Saudi Arabian dairy firm Almarai has reported a jump in annual profits.

For the period ending 31 December, net income rose to SAR1.92bn (US$512m) from SAR1.67bn in 2014. Operating income grew 13.2% to SAR2.3bn.

Almarai attributed the higher profits to a 9.4% growth in sales in its main business segments; poultry, dairy and juice and bakery. Cost of sales for the period was also lower.

Group sales hit SAR13.8bn, up from SAR12.6bn for the comparative period a year earlier.

"Overall the company is satisfied with its business performance which is in line with its strategic plan: sales, profitability and cash flow metrics grew while the company has been able to increase its production capacity to meet consumer demand...The company will continue to focus on its strategic priorities and to live its commitment of serving the consumers with the highest quality experience every day," Almarai said in a statement