Saudi’s Almarai Q2 net profit up 22.41 percent, sales growth rises
Saudi Arabia’s Almarai reported a 22.41 percent increase in second-quarter net profit
Saudi Arabia’s Almarai, the Gulf’s largest dairy company, reported a 22.41 percent increase in second-quarter net profit on Sunday.
Almarai made a profit of 530.4 million riyals ($141.43 million) in the three months to June 30, up from 433.3 million riyals in the year-earlier period, according to a bourse statement.
Second-quarter sales growth of 11 percent and a 442.9 million riyals gain from an insurance claim related to an earlier bakery fire helped lift results.
The dairy firm in May said its board approved a capital investment plan which will reach 21 bilion riyals ($5.6 billion) in the next five years.
($1 = 3.7502 riyals)