Saudi Almarai Company achieved a growth of 9.53% in its 2020 net profit to reach 1.984 billion riyals, compared to 1.811 billion riyals in 2019.
According to Arabiya Net, revenues increased by 7% to 15.356 billion riyals, which was led by the long-term food, dairy and poultry sector.
was the only bakery sector to record negative growth due to a drop in single-package sales in the second half caused by school closures.
Saudi Arabia led the way, contributing 55% to sales, followed by Egypt. There was also a strong contribution from other sales due to the external feed sales.
During the fourth quarter, the company's profits grew by 7.69% to reach 335.9 million riyals, after sales grew by 3% to 3.819 billion riyals.
the revenue increase in the last quarter was led by the fresh and long-term dairy segment along with feed sales. The growth came mainly in Egypt, Jordan and the exporting countries.
The company indicated that financing costs decreased by 20.9 million riyals, largely due to lower financing rates, which were offset by a decrease in capitalization of interest costs, especially in subsidiary overseas companies.
