Saudi food company Almarai profit rises 9.5%
Saudi Arabian food company Almarai reported a 9.5% increase in net profit for 2020 to 1.98 billion riyals ($0.53 bln) compared to 1.81 billion riyals in 2019.
Almarai's business includes poultry, bakery, dairy and juice, and foodservice. It operates in its home market Saudi Arabia as well as across the Middle East.
The company posted a 7% growth in revenues to 15.36 billion riyals driven mainly by foods, long-life dairy, and poultry, it said in a bourse filing on Sunday (Jan 24).
Its bakery category posted a negative growth due to lower single serve sales in the second half of the year due to school closures, said Almarai.
Almarai’s home market Saudi Arabia was responsible for 55% of its 2020 growth, followed by Egypt, it said.
KEY STATS FOR ALMARAI 2020 EARNINGS:
- Sales/Revenue 15.36 bln riyals in 2020 vs. 14.35 bln riyals in 2019
- Net profit 1.98 bln riyals in2020 vs. 1.81 bln riyals in 2019
- Selling and distribution expenses increased 4.8% to 114.2 mln riyals
- General and admin expenses increased 9% to 19.5 mln riyals
- Dairy and Juice profit increased by 3.2%
- Poultry profit increased by 30%
- Bakery profit decreased by 4%
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