Tadawul-listed company's revenue rose by 7.7% in Q3 compared to last year
Saudi-based dairy conglomerate Almarai reported an 8.5% drop in profits for Q3, 2019, financial statements revealed.
The region's largest dairy producer said results were impacted by lower sales in Bahrain, due to the implementation of VAT in the kingdom. Almarai also faced increased selling and distribution costs during the quarter.
The company said the Saudi market returned to growth in Q3, while other markets were stabilising.
The company’s profit for the period amounted to SAR 581.2 million ($155 million) compared to SAR 635 million in the same quarter last year, while its revenue rose by 7.7% for the third quarter to SAR 3,573.3 million from SAR 3,317.4 million in the corresponding quarter of last year.
Its profit for the nine months period ended 30th September 2019 however decreased 8.6% to SAR 1,499.8 million compared to SAR 1,641.2 million last year, while its revenue for the same period increased 4.6% to SAR 10,647.3 million from SAR 10,176.7 million.
As of 30th September 2019, the book value per share reached SAR 14.6, while earnings per share (EPS) reached SAR 1.52 and SAR 1.60, respectively compared to SAR 1.50 and SAR 1.59, respectively in the same period last year.