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FINANCIAL NEWS
Saudi Almarai reports 5.4% gain in Q1 profit
07 Apr 2013
(MENAFN) Saudi Almarai Co. announced that its profit rose by 5.4 percent in the first quarter, reaching USD68 million, compared with USD64.47 million a year before, reported Reuters.
The Kingdom’s biggest food producer by market value, which operates a joint venture with PepsiCo Inc. (PEP), added that operating profit went up by 2.9 percent, reaching USD80.10 million.
During the current month, the firm raised USD346 million through an Islamic bond sale, part of the 2012’s USD612-million sukuk program.
It is worth noting that Almarai approved a USD4.18 billion, 5-year investment program to increase output and enhance products.
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