Almarai Company's results for the third quarter of 2024 revealed a 17.3% increase in net profits, compared to the company's profits in the same quarter of 2023, while its net profits decreased by about 7.94% on a quarterly basis.
According to the company's data on Tadawul, today, Sunday, net profit in the third quarter of this year rose to 570.45 million riyals, compared to 486.26 million riyals during the same period last year, while the company's net profit in the second quarter amounted to about 619.7 million riyals.
The company explained that the increase in net profit was driven by a 9% growth in revenues, control over costs, diversification of the product mix, and stability in commodity costs.
The contribution of the main operating sectors that led to the increase in net profit attributable to shareholders of the company by 17% came from the dairy and juice sector, where the sector’s profits increased compared to the previous year due to the increase in sales in the main markets in the Gulf countries, especially in the food and long-life dairy sectors, and good control of costs, in addition to the bakery sector, where the sector’s profits increased compared to last year due to production efficiency and seasonal changes in consumption patterns, in addition to the poultry sector, where the sector’s net profit increased positively compared to last year due to the increase in revenues, the continued increase in production efficiency and the improvement of economies of scale.
The company's revenues increased by about 8.6% to reach 5.21 billion riyals, compared to 4.8 billion riyals in the comparative quarter of last year.
The company's profits in the first nine months of this year increased by about 12.15% to reach 1.88 billion riyals, compared to 1.7 billion riyals in the comparable period last year.
