Riyadh – Mubasher: Al Marai Company said its revenues increased in Saudi Arabia and the GCC by 4.7% and 2.1%, respectively, according to a bourse statement.

The company’s revenues decreased in other countries by 33.8% year-on-year in the first quarter of 2017 due to the flotation of the Egyptian pound and lower exports, mainly to Iraq and Libya.

The company reported a 13.7% rise in its profits to SAR 328.3 million ($87.42 million) in Q1-17, compared to SAR 288.7 million ($76.88 million) in Q1-16.

The dairy and juice segment's profits decreased by 11.1% due to adverse market conditions, higher alfalfa cost, the Egyptian pound's flotation, and lower selling prices of bull calves.

Profits generated from the bakery segment increased by 19.6%, principally as a result of the continuation of production cost optimisation.

The poultry segment’s losses decreased by 72.1% to SAR 29.1 million due to better operational efficiency, higher sales, and lower mortality rates.

The company’s stock rose 1.81% on Sunday to SAR 73.25 - its highest level since its listing.