DUBAI: Shares of Saudi food company Almarai dropped 2% in morning trade after it reported a nearly 12% drop in quartery net profit and announced top management changes.
Almarai posted a net profit of 582.5 million riyals ($155.46 million) in the quarter ended June 30, down from 661.41 million in same period a year earlier.
Arqaam Capital said the result was in line with its expectations, but reflected downward pressure on pricing and volumes as demand is hit by more Saudi expats leaving the country.
The company also announced that it has appointed Georges Schorderet, who served as CEO before, replacing Alois Hofbauer, who has resigned.
($1 = 3.7502 riyals)
(Reporting by Saeed Azhar, editing by Davide Barbuscia) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: firstname.lastname@example.org))