Saudi food group Almarai posted a 25.14% drop in net profit to 482 million riyals ($128.5 million) for the three months through June compared to the same quarter last year.
The company said in a bourse filing on Sunday (July 11) its revenues were hit by the base year effect of COVID-19 and tripling of VAT to 15% that started in July 2020.
Almarai’s revenues dropped by 1.9% year-on-year to 4.006 billion riyals driven mainly by food, poultry and bakery products.
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