Almarai sales increased during the first quarter of 2023 by 12.5 percent on an annual basis, to record approximately 5.07 billion Saudi riyals, compared to about 4.5 billion riyals during the same quarter of 2022.
In a statement, the company attributed the reason for the increase in profits during the current quarter compared to the same quarter of the previous year to achieving gains related to entering the first 10 days of Ramadan in the first quarter, in addition to a one-time subsidy, in exchange for the food security measures taken by Almarai: and the amount of these gains and subsidies. One-time SAR 149 million, which represents a 35% growth in net profit year-on-year.
The comparative quarterly results of the main operating sectors, which led to an increase in the net profit attributable to the shareholders of the company by 16 percent, are as follows:
- Dairy & Juice: Segment profit increased by 8 percent (revenue increased by 6 percent) and year-on-year sales growth was offset by cost inflation, particularly in dairy and animal feed.
- Bakery segment: Net profit increased by 29 percent (revenue increased by 9 percent) due to positive volume growth and fixed cost leverage.
- Poultry segment: Positive volume growth due to additional available capacity resulted in revenue growth of 25 percent and normal adjusted net income growth of 38 percent.
- Other activities: It recorded losses of SAR 16 million, driven by stable agricultural performance, compared to a loss of SAR 15 million in the same period last year.
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