Almarai sees 10.5% higher earnings in H1-20

The rise in profits was attributed to a growth in revenues

  
Almarai dairy products Head Office is seen in Riyadh, Saudi Arabia July 12, 2018. Image used for illustrative purpose.

Almarai dairy products Head Office is seen in Riyadh, Saudi Arabia July 12, 2018. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

The H1-20 net profits stood at SAR 643.9 million

Riyadh – Mubasher: Almarai Company on Sunday reported SAR 643.9 million in net profits after Zakat and tax during the first half (H1) ended on 30 June 2020, up by 10.54% when compared to SAR 582.5 million in the same period in 2019, as shown in the company’s initial consolidated financials.

Revenues came at SAR 4.08 billion in the first six months of the year, 8.3% more than the SAR 3.76 billion recorded in H1-19, according to a bourse statement.

The rise in profits was attributed to a growth in revenues, led by the product categories of foods, long-life dairy, and poultry, which recorded annual double-digit growth.

The company's gross profit increased by 4.7% while selling and distribution expenses soared by SAR 47 million or 8%, and general and administrative expenses hiked by SAR 5.3 million or 5.3%.

Other expenses and financing costs declined by SAR 9 million and SAR 19 million, respectively, whereas impairment of financial assets rose by SAR 9 million.

Source: Mubasher

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