The Almarai company's financial statements showed a decline in the company's profits in the first nine months of this year by 22.5% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Sunday, the profits for the period amounted to 1.28 billion riyals, compared to 1.165 billion riyals, profits for the same period in 2020.
The company recorded profits of 409.1 million riyals in the third quarter of this year, compared to 621.5 million riyals, profits for the same period of 2020, a decrease of 34.2%.< /p>
The company explained that the decline in net profits was mainly due to purchases related to (Covid-19), during the third quarter of last year, as well as the increase in commodity costs. basic.
Gross profit fell 15.8% at a lower rate due to structural adjustments related to subsidy cuts; As a result of the lack of subsidies for the year 2021 on corn and soybean products.
And it indicated that selling and distribution expenses increased by 4.4 million riyals, at a rate of 0.7%, in line with the previous year due to the strong cost control.
