Saudi's Almarai 4Q Net Profit +29% on Strong Poultry, Baked Goods Sales

Saturday, Jan 19, 2013

RIYADH (Zawya Dow Jones)--Saudi-based Almarai Co. (2280.SA), the Gulf's largest dairy producer, said net profit surged 29% in the fourth quarter to 369 million Saudi riyals ($98 million) due to stronger sales of poultry and baked goods products.

The result exceeded most analyst forecasts. Cairo-based EFG Hermes predicted a SAR333 million effort, while NCB Capital had penciled in SAR329 million.

Almarai has invested hundreds of millions of dollars in recent years to diversify its product lines to include chicken, juice, baby food and other goods.

The company said full year net profit increased 26% on the year to SAR1.44 billion. Earnings per share meanwhile climbed to SAR3.60 in 2012 from SAR2.85 in 2011.

Almarai's board of directors said it would propose paying SAR500 million in dividends, or SAR.125 a share.

Almarai shares last traded Saturday 0.8% higher at SAR65.50.

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

(END) Dow Jones Newswires

19-01-13 0807GMT