Almarai reports gross profit of $404m for Q3

25/10/2017 07:47 AST

Saudi Arabia's Almarai, the largest dairy company in the Gulf, has reported a gross profit for the third quarter of SR1.51 billion ($404.24 million), an increase of 2.1 per cent as compared to the SR1.48 billion ($396.08 million) during the same period last year.

The company’s revenue decreased by 4.5 per cent to SR3.37 billion ($899.39 million) during the third quarter, compared to SR3.53 billion ($941.3 million) in the same quarter of 2016, said a statement.

The operating profit for the third quarter amounted to SR775.5 million ($206.79 million), an increase of 3.1 per cent as compared to the corresponding quarter of the previous year which came to SR752.1 million ($200.55 million).

Also, for the third quarter Almarai's consolidated profit attributable to shareholders of the company reached SR667 million ($177.86 million), an increase of 0.4 per cent as compared to SR664.3 million ($177.14 million) in the corresponding quarter of the last year and a decrease of 1.1 per cent as compared to the previous quarter.

For the third quarter Almarai's comprehensive income attributable to shareholders reached SR681.1 million ($181.62 million), an increase of 5.1 per cent as compared to SR648.2 million ($172.8 million) in the corresponding quarter of the last year and an increase of 5.6 per cent as compared to the previous quarter.

The revenue decreased by 2.9 per cent to SR10.51 billion ($2.804 billion) during the nine months of the year ended September 30, as compared to SR10.83 billion ($2.88 billion) in the corresponding period.

The gross profit for the nine months ended September 30, amounted to SR4.248 billion ($1.13 billion), an increase of 2.8 per cent in comparison to the same period last year which amounted to SR4.13 billion ($1.102 billion).

The operating profit for the nine months ended September 30, amounted to SR1.98 billion ($529.25 million), an increase of 5.4 per cent over last year’s figures during the same period SR1.8 billion ($502.05 million).

The company’s consolidated profit attributable to shareholders of the company for the nine months ended September 30, amounted to SR1.66 billion ($445.14 million), an increase of 3.6 per cent as compared to the corresponding period SR1.61 billion ($429.6 million).

Almarai comprehensive income attributable to shareholders of the company for the nine months ending on September 30, amounted to SR 1.75 billion ($467.2 million), an increase of 17 per cent in comparison to SR1.49 billion ($399.2 million) from the same period the previous year, it stated.

Trade Arabia