FINANCIAL NEWS

Saudi profits of food firms down by 29pct

13 Sep 2016

(MENAFN) Revenues of the listed food and agro firm declined by 29 percent to SR1.98bn in the first half of this year compared to SR2.47bn in the same period of 2015.

Moreover, net profits of the sector also dropped by 6 percent in Q2 this year to SR1.24bn compared to SR1.32bn in Q2 of 2015.

Additionally, the number of listed firms reached 16 with their market capitalization at SR84bn or 6 percent of the kingdom market value.

Meanwhile, capitals of the food sector stood at SR19bn, while Almarai firm captured the biggest portion of the sector capital at 42 percent.

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