Jul 10 2011 |
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Saudi's Almarai 2Q Net Pft +1.8% On Yr At SAR349.3M; Higher Sales
Sunday, Jul 10, 2011
(This story was originally published Saturday.)
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.
The firm said its second-quarter performance and results have been influenced by continued commodity price inflation and the rise in raw material costs, which impacted key areas such as feedstuff, packaging materials and dairy commodities.
Almarai in 2009 completed a SAR949.5 million cash-and-stock acquisition of Hail Agricultural Development Co., or Hadco , the first successful takeover between two Saudi-listed firms. It plans to invest SAR2 billion to expand the Hadco business, and it will focus investments on raising Hadco 's poultry output fivefold to an average of 120,000 chickens an hour.
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
10-07-11 0356GMT
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