Saudi Arabia’s Almarai posts net profit of $89.5mln in Q4

Dairy, food and juice segment grew 5% y-o-y while poultry and bakery segment delivered a negative growth

  
A worker stands near trucks with advertisements of Beyti juice and Almarai dairy products at a new factory at Nubaria city in El-Beheira Governorate, east of Cairo, Egypt, March 12, 2016. Image for illustrative purposes.

A worker stands near trucks with advertisements of Beyti juice and Almarai dairy products at a new factory at Nubaria city in El-Beheira Governorate, east of Cairo, Egypt, March 12, 2016. Image for illustrative purposes.

REUTERS/Ehab Farouk

Saudi Arabia’s Almarai, a leading F&B brand, has reported a net profit of SR336 million ($89.5 million)in the fourth quarter (Q4) of 2020, said Al Rajhi Capital, a top provider of financial services in the kingdom.

The overall profitability was impacted by dilution of gross margins by 263bps resulting from higher raw material costs as well as additional Covid related expenses and rising trade support cost.

Dairy, food and juice segment grew 5% y-o-y while poultry and bakery segment delivered a negative growth of 2% y-o-y and 9% y-o-y respectively.

The company cut down capex to SR969 million in 2020 from SR1.65 billion in 2019 and reduced net debt by 10% y-o-y to SR10.74 billion in 2020. – TradeArabia News Service

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