Jul 09 2011 |
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Saudi's Almarai 2Q Net Pft +1.8% On Yr At SAR349.3M; Higher Sales
Saturday, Jul 09, 2011
RIYADH (Zawya Dow Jones)--Saudi Arabia's Almarai Co. (2280.SA), the region's largest dairy producer, said Saturday its second-quarter net profit edged up 1.8% to 349.3 million Saudi riyals ($93.2 million), from the year earlier period, as it boosted sales and increased its market share.
The result was well above the SAR317 million effort analysts at Bahrain-based SICO had penciled in, but was short of the SAR354 million predicted by Riyadh-based NCB Capital.
Almarai 's second-quarter operating profit grew 4.7% to SAR405.8 million, up from SAR387.7 million in 2010, the company said in a statement on the Saudi bourse website. Earnings per share for the first half of the year came in at SAR2.54 versus SAR2.51 in the year-ago period, while sales for the second quarter rose 15.8% to SAR2.01 billion.
Last month, the Saudi firm said its board of directors approved a plan to spend SAR4 billion to expand its poultry business.
The dairy producer previously 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.
In December, Almarai said its shareholders approved a plan to double its capital to SAR2.3 billion via bonus shares as the firm continues to expand.
Almarai shares closed trading Wednesday 1.3% down at SAR96.75.
By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
09-07-11 0713GMT
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