Almarai Company, the largest dairy producer in the Middle East, reported a net profit of 370.72 million Saudi riyals ($98.84 million) in the fourth quarter of 2023, rising 4.2% from SAR 355.82 million a year ago.

The higher profit was driven by revenue growth of nearly 2 percent year-on-year (YoY) to SAR 4.92 billion, driven by an increase in sales of the dairy and juice segment across the GCC countries, the company said in a statement published on the Saudi stock exchange on Sunday.

The bakery segment reported a higher net profit YoY, supported by revenue growth led by bread and single-serve products.

Similarly, the poultry segment saw an increased production capacity availability early last year, which supported profit growth during the period.

Almarai reported a net profit of SAR 2.05 billion in 2023, up 16% from 1.76 billion riyals in the same period last year.

The company’s operating revenue rose 18% YoY to SAR 2.69 billion, while revenue increased 4.56% YoY to SAR 19.56 billion.

(Editing by Seban Scaria seban.scaria@laeg.com)