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FINANCIAL NEWS
Saudi Almarai reported USD98m profit in Q4
20 Jan 2013
(MENAFN) Saudi Arabian dairy and food producer Almarai Co reported a 29.2 percent increase in quarterly profit on higher sales, Reuters reported.
The largest integrated dairy foods company in the world said it earned USD98.4 million net profit during the fourth quarter ended December 31, up from USD76.16 million a year earlier.
Operating profit for the quarter climbed 27.4 percent to USD116.4 million, the company said.
The company attributed the higher quarterly results to strong performance from all products, especially poultry and bakery.
Almarai is seeking to expand its business GCC. In December it acquired Fondomonte SA, which owns and operates firms in Argentina, to secure feed for its dairy herd and poultry business.
In November Almarai said it plans to issue the second tranche of a riyal-denominated sukuk programme to private investors in the coming months.
The company is expected to use the proceeds from the sukuk to help finance Almarai’s USD4.2 billion investment programme, aimed to expand its business between 2013 to 2017.
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