The Saudi Almarai Company recorded an increase in profits for the first quarter of 2023 by 50.5% to 635.9 million riyals, compared to the corresponding quarter of last year, in which the profits amounted to 422.5 million riyals.
The company attributed the increase in profits to gains related to entering the first 10 days of Ramadan in the first quarter, in addition to a one-time support in exchange for food security measures taken by Almarai, and the amount of these gains and one-time support amounted to 149 million Saudi riyals, which represents a 35% growth in net profit on an annual basis.
The company's revenues increased in the first quarter of this year to about 5 billion riyals, compared to 4.5 billion in the corresponding quarter of last year, an increase of 12.5%.
