Saudi’s Almarai Q1 profit rises 7.3%, misses estimates
Dairy foods company made a net profit of 273.6 million riyals in first quarter
Saudi Arabia’s Almarai Co said on Sunday its first-quarter profit rose 7.3 percent, missing analysts’ estimates despite higher sales and a one-off gain from an acquisition.
Almarai made a net profit of 273.6 million riyals ($73 million) in the three months to March 31, up from 255.1 million riyals a year earlier, it said in a bourse statement.
Analysts on average forecast Almarai would make a quarterly profit of 284.9 million riyals.
The company had sales worth 2.72 billion riyals in the first quarter, up 12.3 percent from a year earlier.
Almarai made a one-off gain of 20.9 million riyals in the first quarter from the acquisition of shares in International Pediatric Nutrition Company.