Saudi food company Almarai third quarter profit drops on higher expenses, funding costs
Saudi food company Almarai’s third quarter profit dropped 8.472 per cent compared to the same period a year ago, the company reported in a bourse filing on Sunday.
Almarai’s net profit after zakat and tax reached 581.2 million riyals ($155 million) for the three months ending September 30 versus 635 million riyals for the corresponding period in 2018.
The company’s revenues rose 7.7 per cent and gross profit increased by 3.2 per cent but net profit was dragged down by a number of factors.
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