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Saudi Dairy Giant Almarai Reports Increase in Q4 Net Profit

16 January 2017

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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