ICEC

Saudi’s Almarai Q1 Net Profit Higher 2.9%

Saudi dairy and food maker Almarai Trading Co said on Saturday its first-quarter net profit rose 2.9 percent to 242.1 million riyals ($64.6 million) from 235.2 million riyals ($62.72 million) a year ago, as wider regional distribution boosted sales.

Sales rose by 17 percent on the year to 2 billion riyals ($533.334.769), it said.

“In particular, this was driven by bakery growth in the Gulf countries and poultry expansion in the Kingdom of Saudi Arabia,” said Almarai in a statement posted on the Saudi bourse’s website.

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