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FINANCIAL NEWS
Saudi Almarai reports USD101m profit in Q2
08 Jul 2012
(MENAFN) Saudi food producer Almarai Co reported an 8.7 percent increase in quarterly profits from a year earlier on higher sales, Reuters reported.
The largest Arab diary producer said it made USD101.2 million net profit during the second quarter, up from USD93 million a year earlier.
Almarai attributed the higher results to an increase in second quarter sales in all its divisions, as well as fully consolidating International Dairy & Juice Ltd, in which it now holds a majority stake.
The company also reported 7 percent growth in operating profits during the quarter to USD115.7 million from USD108 million a year earlier.
Almarai is currently executing an expansion plan, as it looks to strengthen its business outside GCC. In December it acquired Fondomonte S.A., which owns and operates firms in Argentina, to secure feed for its dairy herd and poultry business.
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