Jul 08 2012
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Saudi Almarai Reports 8.7% Rise In 2Q Net Profit
Sunday, Jul 08, 2012
(This article was originally published Saturday)
RIYADH (Zawya Dow Jones) -- Saudi Arabia-based Almarai Co., (2280.SA) the Gulf's largest dairy producer, Saturday announced second-quarter net profit of 379.5 million Saudi riyals ($99.7 million), up 8.7% from the same period last year.
The company said it saw increased sales in all sectors of its business during the second quarter, notably in bakery and poultry products, according to a statement posted on the website of the Saudi stock exchange.
Earnings per share for the first six months of this year rose 6.2% to SAR1.55, compared with SAR1.46 for the same period last year, the company said. Net profit in the first half rose 6.4% to SAR621.6 million from SAR584.5 million.
Almarai said it had consolidated IDJ's results for the first time following the acquisition of a majority shareholding. That consolidation resulted in a sales increase of SAR164.6 million in the second quarter, the company said.
Total sales in the second quarter rose 25.4% to SAR2,524.1 million compared with the same period a year earlier.
Over the past few years, Almarai has made a number of acquisitions, including Egyptian subsidiary the International Company for Agroindustrial Projects, better known as Beyti, and Jordan's Taiba Investment and Advanced Food Co.
Earlier this year, Almarai approved a SAR15.7 billion investment plan for the next five years aimed at expanding all segments of its business.
-By Ellen Knickmeyer, Dow Jones Newswires, +971 55 1093359, email@example.com
Copyright (c) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
© Copyright Zawya. All Rights Reserved.
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