Saudi Almarai Company’s net profits increased by more than 4% during the fourth quarter of 2023, and it also recorded an increase in revenues.
According to the company’s business results issued today, Sunday, the twenty-first of January, Almarai recorded net profits of 370.7 million riyals in the period from October to December, compared to 355.8 million riyals in the comparison period of 2023.
Almarai’s revenues also increased by 1.6% on an annual basis to 4.9 billion riyals during the fourth quarter, compared to 4.8 billion riyals in the comparison period of 2022.
Revenues also increased by about 3% on a quarterly basis, supported by increased sales of dairy products as a result of seasonal demand and an increase in poultry products driven by increased production.
As for the entire year of 2023, Almarai achieved an increase in net profits by 16.4% to 2.04 billion riyals.
Sales also increased by 4.5% to 19.57 billion riyals, and operating profit increased by about 18.3% to 2.6 billion riyals.
The statement stressed that the net profit attributable to shareholders for the current year increased mainly due to the acquisition and full integration of the company's operations in both Egypt and Jordan earlier in the year, despite the increase in financing costs due to the increase in the interest rate.
While revenue growth supported the growth of its main markets in the Gulf countries by 8%, led by the poultry sector and the dairy sector, the period also included the impact of the devaluation of the Egyptian pound on the group’s revenues by 5% and the decline in feed sales from American operations.
