Saudi Dairy Giant Almarai Reports Increase in Q4 Net Profit
SAUDI ARABIA - Saudi Arabia's Almarai, the Gulf's largest dairy company, reported a 1 per cent increase in fourth-quarter net profit on Sunday, broadly in line with analysts' forecasts, and said cost controls would continue to be a priority.Almarai said net profit totalled 488.5 million riyals ($130 million) in the three months to 31 Decmebe, up from 483.7 million riyals in the year-earlier period.
Six analysts polled by Reuters had forecast on average that Almarai would make a quarterly net profit of 519 million riyals.
Almarai said earnings were hit by a 12.4 million riyals impairment of assets, changes in foreign exchange rates and higher funding costs during the quarter.
Source: ArabianBusiness.com
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