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FINANCIAL NEWS
Saudi’s Almarai net profit jumps 14.7 percent in Q4
19 Jan 2015
(MENAFN) Almarai, the Gulf’s largest dairy company, announced it has registered a 14.7 percent increase in its net profit during the October-December period of 2014 as a result of a growth in its sales of dairy, poultry and juice products, Arabian Business reported.
During the fourth quarter of 2014, Almarai registered a net profit of USD114 million in comparison with USD99.30 million recorded during the corresponding period in 2013, while its sales increased by 10.7 percent.
The company said that the increase in its sales happened despite the decline in its bakery business due to a fire in November, adding that the higher expenses related to sales, distribution and administration had weighed on results, along with infrastructure expansion across different products and geographies.
The company also said that under a deal with US soft drinks giant PepsiCo, the two companies will invest at least USD345 million in Egypt over the next five years.
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