Friday 26 February 2021

Almarai posts net profit of $89.5m in Q4

RIYADH, 28 days ago

Saudi Arabia’s Almarai, a leading F&B brand, has reported a net profit of SR336 million ($89.5 million)in the fourth quarter (Q4) of 2020, said Al Rajhi Capital, a top provider of financial services in the kingdom.

The overall profitability was impacted by dilution of gross margins by 263bps resulting from higher raw material costs as well as additional Covid related expenses and rising trade support cost.

Dairy, food and juice segment grew 5% y-o-y while poultry and bakery segment delivered a negative growth of 2% y-o-y and 9% y-o-y respectively.

The company cut down capex to SR969 million in 2020 from SR1.65 billion in 2019 and reduced net debt by 10% y-o-y to SR10.74 billion in 2020. – TradeArabia News Service


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