Saudi Almarai 1Q Net Profit Up 5.4% on Revenue Growth

Saturday, Apr 06, 2013

RIYADH (Zawya Dow Jones)--Saudi's Almarai Co. (2280.SA) on Saturday said that net profit in the first quarter rose 5.4% on year due to stronger revenue growth across all categories.

The Gulf's largest dairy producer made a three-month net profit of 255.1 million riyals ($68 million), up from SAR242.1 million a year earlier, Almarai said in a statement posted on the Saudi bourse website.

Analysts at NCB Capital had expected the company's quarterly net profit at SAR299 million.

Almarai attributed the rise in profit to stronger revenue growth, led by the poultry segment and International Dairy and Juice Ltd. consolidation. The increase was however partially offset by higher overheads, also from poultry and IDJ consolidation, it said in the statement.

Sales in the first quarter amounted to SAR2.41 billion, up 18.2% from the year before period.

Almarai shares closed down 1.5% at SAR66.5 on Wednesday.

Write to Ellen Knickmeyer at ellen.knickmeyer@dowjones.com.

(END) Dow Jones Newswires

06-04-13 0745GMT