FINANCIAL NEWS

Saudi Almarai reports USD120m profit in Q3

08 Oct 2012

(MENAFN) Saudi dairy and food producer Almarai Co reported a 4.7 percent increase in quarterly profits, however not as expected as higher input prices and expansion costs trimmed earnings, Reuters reported.

The company said it made USD120 million net profit during the third quarter, up from USD114.4 million a year earlier.

The company also reported a 27 percent increase in quarterly revenue to USD719 million from USD559.25 million a year ago, thanks to strong performance at its bakery and poultry unit.

In May, Almarai unveiled a USD4.2-billion five-year investment plan to ramp up product innovation and develop its Saudi workforce.

In December, the company acquired Fondomonte S.A, which owns and operates farms in Argentina, to secure feed for its dairy herd and poultry businesses.

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