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FINANCIAL NEWS
Saudi Almarai reports 19.5% jump in quarterly profits
11 Jul 2010
(MENAFN) Reuters reported that Saudi-based Almarai Company, the Gulf’s biggest dairy firm by market value, posted a better-than-expected 19.5 percent rise in second-quarter net profit, beating forecasts, after it raised its market share.
Almarai, in which Savola Group holds a 29.9 percent stake, reported a profit of $91.5 million in the three months to end-June against $76.6 million a year earlier, it said in a statement to the Saudi bourse.
The company?s operating profit rose 15.6 percent during the second quarter while sales rose 20.2 percent from their level a year earlier to $464 million, which also marks an 11.5 percent rise from the first quarter.
Almarai Company acquired Egypt’s International Company for Agro Industrial Projects, known as Beyti, through a joint venture with PepsiCo in December last year in a bid to capitalise on the country’s shift towards packaged foods.
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