JEDDAH: Saudi Arabian dairy and food producer Almarai Co posted a 29.2 percent rise in its fourth-quarter net profit, beating analyst forecasts, the firm said in a bourse statement yesterday.
Almarai made a net profit of SR369m ($98.4m) in the three months ending Decmeber 31, compared with SR286m in the same period a year earlier.
Six analysts polled by Reuters expected the firm to post on average SR320m in the fourth-quarter.
“The reason for higher sales and profit growth for the fourth quarter compared to the corresponding period of the previous year is due to strong performance from all products, especially poultry and bakery,” it said in the statement.
In a separate statement Almarai said it plans to issue a dividend of 1.25 riyals per share for the full-year period.
Operating profit rose 27.4 percent to SR437m in the fourth-quarter. Almarai has been keen to expand its footprint outside its core presence in the Gulf region. In December it acquired Fondomonte SA, which owns and operates firms in Argentina, to secure feed for its dairy herd and poultry business. Reuters
