Saudi food firm posts 29% Q4 net profit rise

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Saudi Arabian dairy and food producer Almarai Co posted a 29.2 percent rise in its fourth-quarter net profit, beating analyst forecasts, the firm said in a bourse statement on Saturday.

Almarai made a net profit of SR369m ($98.4m) in the three months ending December 31, compared with SR286m in the same period a year earlier.

Six analysts polled by Reuters expected the firm to post on average SR320m in the fourth-quarter.

"The reason for higher sales and profit growth for the fourth quarter compared to the corresponding period of the previous year is due to strong performance from all products, especially poultry and bakery," it said in the statement.

In a separate statement Almarai said it plans to issue a dividend of 1.25 riyals per share for the full-year period.

Operating profit rose 27.4 percent to SR437m riyals in the fourth-quarter.

Almarai has been keen to expand its footprint outside its core presence in the Gulf region. In December it acquired Fondomonte SA, which owns and operates firms in Argentina, to secure feed for its dairy herd and poultry business.

In November Almarai said it plans to issue the second tranche of a riyal-denominated Islamic bond programme to private investors in the coming months. It raised SR1bn through the first tranche in March in a deal taht was 4.7 times over subscribed.

Proceeds from the sukuk are seen helping finance Almarai's $4.2bn investment programme, aimed to expand its business between 2013 to 2017.

Related:

Market Performance

Almarai Company - Saudi Arabia
65.0
0.26 0.4 (%)
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Dubai's nightlife bubble: When is it going to burst?

Dubai's nightlife bubble: When is it going to burst?

A new breed of clubs and bars is sprouting in the city, but which...

12
Chocolate: worth its weight in gold?

Chocolate: worth its weight in gold?

Middle Eastern consumers with a sweet tooth are buying up ever...

Country focus: Lebanon’s start-up success

Country focus: Lebanon’s start-up success

A new-wave of entrepreneurship is helping Lebanon become a hot...

Most Discussed
  • 54
    Three UAE women attacked with hammer at London hotel

    I really feel that Arabian Business.Com should now close this comments page. This should be all about sympathy for the families not what it is/has turned... more

    Wednesday, 16 April 2014 1:06 PM - Adrienne
  • 51
    Why Dubai isn't a plastic city

    What is definitely not a plastic city. The Arabs have a culture dating back to several centuries. 50 years back Dubai was just a fishing village. Today... more

    Tuesday, 8 April 2014 3:49 PM - P. MADHUSUDAN
  • 48
    DMCC boss Ahmed Bin Sulayem entertains Robert Mugabe in Dubai

    @fga ''However today, simply because he decided to dispossess a few white farmers of their land and redistribute to the poorer indigenous blacks'' more

    Sunday, 13 April 2014 3:02 PM - Matt Williams