Friday, 03 December 2021 01:47 GMT

Almarai witnesses net profit decline 22.5pct

(MENAFN) Saudi Arabia’s Almarai noted a 22.5 percent drop in revenue in the period January-September, against the exact period in 2020, as the Covid-19 pandemic value-added tax (VAT) interject in profits.

The dairy giant reported in a Tadawul filing that its incomes reached USD341,24 million in the stated period against USD439,89 million in 2020.

It also said that the decrease was generally because of the base year result of Coronavirus, in addition to value-added tax-linked adjustments in buying.

Gross income dropped 10.1 percent because of changes completed due to subsidy fall. 

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