The net profits of the Saudi Almarai Company increased during the second quarter of this year by 11.2 percent on an annual basis, to record 619.7 million Saudi riyals (about 165.2 million dollars).
The company said in a statement to the Saudi market on Sunday that the increase in net profit was driven by revenue growth of 8 percent, as a result of controlling costs, diversifying the product mix, and stabilizing commodity costs.
Almarai’s revenues exceeded 5 billion riyals in the second quarter.
The company's total profits amounted to 1.7 billion Saudi riyals in the second quarter of this year, compared to 1.56 billion riyals in the second quarter of last year.
The company explained in its statement that the contribution of the main operating sectors that led to the increase in net profit attributable to the company’s shareholders was supported by the increase in profits in the dairy and juice sector due to increased sales in the main markets in the Gulf countries, especially in the dairy sector, in addition to good cost control.
Profits of the bakery sector and the poultry sector also increased.
On a quarterly basis, the company’s revenues decreased by 6 percent in the second quarter of 2024 to record 5.1 billion Saudi riyals, compared to 5.4 billion riyals in the first quarter, due to the seasonal change in consumer patterns.
During the first half of this year, Almarai’s net profits increased by more than 10 percent, to record 1.3 billion riyals, compared to 1.19 billion riyals in the first half of 2023.
During trading on Sunday, Almarai Company shares rose by 2 percent, reaching the level of 57 riyals per share.
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