Saudi Arabian food company Almarai has announced a healthy set of third-quarter results, with net income up by over 10% and a sales increase of nearly 8%.
Almarai booked net income of SAR595.1m, up 10.3% on the third quarter of 2014. The company attributed the higher profits to the improved sales, lower cost of sales and a boost from its share of joint ventures.
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Operating income was up by 4.3% at SAR627.7m.
Sales grew 7.8% to SAR3.52bn. Poultry sales were up by over 15%, bakery grew by 9% while the combined dairy and juice business saw sales increase nearly 6%.
Almarai's losses in poultry were down year-on-year, falling down by nearly 45% to SAR49.1m.
The company said it would continue to focus on its strategic priorities and "barring unforeseen events” was optimistic that the profitable growth will continue into the next quarter.
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