Saudi food company Almarai fourth-quarter profit down 16% on higher expenses
Saudi food company Almarai posted a 15.88% drop in net profit for the fourth quarter of last year compared to the same period in 2018.
The company made 311.9 million riyals ($83.17 million) in net profit versus 370.8 million riyals for October to December 2018, it reported in a bourse filing on Sunday (Jan 19).
Almarai’s expenses dragged down its 9.54% revenue growth. Costs for selling and distribution were up 19% to 101 million riyals and general and administration expenses increased by 25.1% to 24.8 million riyals.
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