Almarai Company, listed on the Saudi stock market, revealed that net profits for the third quarter of this year increased by 5 percent to reach 486.3 million riyals (about 129.6 million dollars), compared to about 463 million riyals in the same quarter of 2022.
The company said in a statement on the Saudi Tadawul website that its total quarterly sales (during the three months ending September 30, 2023) increased slightly by about 0.6 percent to 4.8 billion riyals (equivalent to about 1.3 billion dollars) on an annual basis.
According to the statement, the increase in net profit during the current quarter compared to the same quarter of the previous year is due to: an increase in revenues in the core markets, as Almarai’s strong performance in its core markets in the Gulf countries resulted in recording an annual growth of 4 percent, which is primarily due to The first is to increase production capacity in the poultry sector, followed by growth in the dairy and bakery sectors. The success of the back-to-school season also partly contributed to these positive results.
However, the devaluation of the Egyptian pound and the noticeable decline in demand for foreign alfalfa sales (directed mainly to East Asian markets) led to a 3 percent decline in the group’s quarterly revenues, which had no tangible impact on profitability, according to the company’s statement.
Meanwhile, Saudi Almarai Company’s profits during the first nine months of 2023 increased by 19.5 percent to 1.7 billion riyals.
2023-10-08 07:08:37
#Almarais #profits #reached #million #months.. #growth
