Saudi dairy group Almarai has recorded an increase in full-year profits, boosted by diversification into new categories and product innovation.
For the 12 months to the end of December, consolidated net income reached SAR1.30bn (US$346.6m), a 1.1% increase on the prior-year. Operating profit climbed 3.9% to reach SAR1.52bn. Sales amounted to SAR7.95bn, an increase of 14.7% on the same period last year.
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In the fourth quarter, net profit inched up 0.6% to SAR285.5m, while operating income increased by 7.4% to reach SAR343.4m. Sales in the period climbed by 16.2% to SAR2.09bn.
Almarai said it had maintained its market shares and target growth rates for all key products during the period.
“Almarai’s continuous growth can be attributed to diversification into new categories, successful product innovation and continuous improvements in quality and service,” the company said.
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