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22/10/2017 10:22 AST
Saudi Arabia's Almarai, the Gulf's largest dairy company, reported a flat third-quarter net profit on Sunday, and warned it remained cautious on the year due to adverse market conditions.
Almarai made a profit of 667 million riyals ($178 million) in the three months to Sept. 20, compared to a revised quarterly profit of 664.3 million riyals in the year-earlier period, according to a bourse statement.
Four analysts polled by Reuters had forecast on average that Almarai would make 620.75 million riyals.
Revenue was down 4.5 percent to 3.37 billion riyals from the same period a year earlier.
Almarai said tough market conditions continued into the third quarter and that its end of year outlook remains cautious, citing reasons such as higher operating costs, devaluation of the Egyptian pound and lower exports.
Almarai has lost access to the Qatari market since June after Saudi Arabia severed trade and travel links with its neighbour in the Gulf's most severe diplomatic split in years.
Almarai said on Oct. 15 that Public Investment Fund (PIF), Saudi Arabia's top sovereign wealth fund, had increased its share capital in the company to 16.32 percent.
Reuters
21/01/2018
Saudi Arabia's Almarai, the Gulf's largest dairy company, reported a 4.3 percent decline in fourth-quarter profit on Sunday due to tough market conditions that prevailed throughout 2017, missing some
Reuters
11/12/2017
The Board of Directors of Almarai Company, during its meeting on 11th December 2017, has decided to recommend to the General Shareholders Assembly a payment of dividend for the financial year 2017 as
Tadawul
25/10/2017
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 SR
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| FADECO | 79.00 | 0.00 (0.00 |
| SAVOLAGROUP | 30.85 | 0.15 (0.48 |
| BALADY | 281.00 | -5.00 (-1.75 |
| SADAFCO | 309.60 | 1.80 (0.58 |
| NADEC | 23.20 | 0.10 (0.43 |
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Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
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Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
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The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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