Riyadh – Mubasher: Almarai Company reported a 13.7% year-on-year rise in its profits during the first quarter of 2017, according to a bourse statement.

Profits reached SAR 328.3 million ($87.42 million) in Q1-17, compared to SAR 288.7 million ($76.88 million) in Q1-16.

The profit rise is mainly attributed to lower cost of sales despite higher alfalfa costs, in addition to the decline in selling and distribution expenses, and general and administration (G&A) expenses.

The company generated net profits of SAR 2.08 billion in 2016, up 8.61% from SAR 1.9 billion in 2015.