|19 January, 2020

Almarai annual profits down 10% in 2019

Almarai Company reported a 9.95% decline in net profits

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: Almarai Company reported a 9.95% decline in net profits after zakat and tax last year to a total of SAR 1.811 billion in 2019, compared with SAR 2.012 billion in 2018.

For the fourth quarter (Q4) of 2019, the company posted a 15.88% decrease in net profit to SAR 311.9 million, compared with SAR 370.8 million, as shown by the company’s annual consolidated financial results.

During Q4-19, revenues grew by 9.5 %, which was driven mainly by poultry, fresh dairy, and food category, according to the company’s statement to the Saudi Stock Exchange (Tadawul).

Positive revenue growth was evident in all categories except juice, due to a general decline in the juice market and the introduction of a selective tax on sweetened drinks, the statement noted.

During the same time, selling and distribution expenses increased by SAR 101 million or 19% due to higher labour costs and general marketing expenses, while general and administrative expenses increased by 25.1% or SAR 25.3 million, finance costs grew by SAR 114 million, and other expenses went up by SAR 186.4 million.

Source: Mubasher

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