Friday, 03 December 2021 01:53 GMT

Saudi Arabia’s Almarai declines in 1st 9 months of 2021

(MENAFN) Saudi Arabia’s Almarai marked a 22.5 percent drop in revenue in the January-September period of 2021, in comparison to the previous year same time span, as the pandemic and value-added tax (VAT) weigh in on revenues.

According to dairy giant in a Tadawul filing, in the mentioned period, its net profit amounted at SR1.28 billion, in comparison to SR1.65 billion in 2020.

It also stated that the decrease was a result to the base year effect of the pandemic, in addition to VAT-related changes in purchases.

Gross profit decreased 10.1 percent attributable to alterations made because of subsidy fall. 

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