S. Arabia’s Almarai posts 16.4% net profit in ’23

Saudi Arabia’s dairy giant, Almarai, reported 16.4 per cent net profit in 2023, according to a company statement sent to Saudi Tadawul on Sunday.

The Tadawul-listed firm saw an increase in its annual revenue by 4.55 per cent to SR 19.6 billion, accompanied by stabilised commodity costs and well-managed operating costs.

“Net profit for the fourth quarter of 2023 increased by four per cent mainly due to the higher operating profit and partly due to the synergies driven by 100 per cent acquisition of the Egypt and Jordan business earlier in the year,” the statement added.