Saudi Almarai profit rises 5.7%, below estimates

Saudi Arabia’s Almarai says its net profit rose to 475.6 million riyals. (Image courtesy: Almarai)

Saudi Arabia’s Almarai reported a 5.7 percent rise in third-quarter net profit on Sunday, missing analysts’ estimates despite what the company described as “the strong performance of core dairy and juice categories”.

The dairy producer made a net profit of 475.6 million riyals for the three months to Sept. 30, up from 450 million riyals in the year earlier period, according to a statement to the Saudi bourse.

Analyst polled by Reuters on average forecast Almarai would make a quarterly profit of 483.3 million riyals ($128.87 million).

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Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41
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