(MENAFN) The biggest dairy firm in the Middle East, Almarai of Saudi Arabia, recorded an increase of 7 percent in the second 3 months’ net income thanks to stronger sales and lower expenses.
For the three months ended June 30, net profit increased from the corresponding time a year earlier to 557.08 million Saudi riyals (that equals USD148.45 million), the business reported in an announcement to the Saudi stock market Tadawul, where its shares are listed.
In comparison to the same time last year, revenue increased by about 4 percent to 4.79 billion riyals (USD1.28 billion).
“Global commodity cost continued to be flat in the current quarter, although commodities remain at higher levels than in earlier times,” Almarai stated in the declaration.
“Almarai will continue to manage these risks through better hedging activities and optimising stock utilisation,” the firm claimed.
Due to the Ramadan season in the preceding 3 months and the depreciation of the Egyptian pound, Almarai's dairy and juice sector saw a fall in earnings, the firm claimed.
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