Riyadh – Mubasher: Almarai posted a 0.99% rise year-on-year in its profits during the fourth quarter of 2016, according to a bourse statement.
Profits reached SAR 488.5 million ($130.27 million) in Q4-16, compared to SAR 483.7 million ($129 million).
The year-on-year profit rise is mainly attributed to a growth in sales of 0.7% due to continuous growth in the bakery by 6.6%, poultry by 16.0% and a decrease in dairy and juice by 2.4%.
“Cost of sales decreased by 4.3% due to lower in-puts costs, better cost management and enhanced production efficiencies despite increases in fuel and electricity costs,” the statement added.
Net profits went up 8.61% to SAR 2.08 billion in 2016, compared to SAR 1.9 billion in 2015.
