Saudi Arabia's Almarai Company's net profit rose by more than 11% year-on-year in the second quarter of 2024.
According to the business results issued today, Sunday, July 7, net profit reached 619.6 million riyals, an increase of 11.2% year-on-year. However, profits declined by 10.4% when compared to the first quarter of this year.
Meanwhile, sales rose 7.6% to SAR 5.1 billion year-on-year during the April-June period, but fell 5.5% quarter-on-quarter.
Almarai confirmed that the increase in profits was supported by revenue growth as a result of controlling costs, diversifying the product mix, and stabilizing commodity costs.
Almarai indicated that the strong growth in sales volume is attributed to the positive contribution from all sectors, led by the dairy and poultry sectors. As for the decline in revenues on a quarterly basis, the company attributed it to the seasonal change in consumption patterns.
On a semi-annual basis, Almarai’s sales jumped 7.6% to SAR 10.6 billion, while net profit rose to SAR 1.3 billion, an increase of 10%.
