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Alamar Foods Co, which operates Domino’s and Dunkin restaurants, has announced falling quarterly profits as a result of rising costs of raw materials amid global inflation.
Alamar reported a profit of SAR 23.6 million in Q2 2022, down 7.9% year-on-year and down by 45.3% quarter-on-quarter.
The company said the cost of raw materials within global inflation contributed to its YoY profit fall, and seasonal impact due to the holy month of Ramadan to the QoQ fall in profits.
Revenue for the quarter was up YoY by 29.6% to SAR 256 million, but down QoQ by 5.5%.
For the first half of the year, profits were up by 9.8% YoY, with revenue up by 31.2% for the same period.
Alamar operates Domino’s pizza restaurants in 16 countries in the Middle East, North African and Pakistan, (MENAP) as well as Dunkin’ donut and coffee outlets in Egypt and Morocco.
It raised SAR 847 million in its initial public offering (IPO) for the Saudi Stock Market Tadawul last month.
(Writing by Imogen Lillywhite; editing by Seban Scaria)
