Riyadh – Mubasher: Almarai recorded a rise of 2.38% in net profits to SAR 674.1 million during the second quarter of 2017, compared to SAR 658.4 million in the same quarter a year ago.

The growth in Q2 earnings is attributed to lower cost of sales, which endorsed the company’s gross profit to rise by 2.2%, according to a bourse filing issued on Sunday.

Almarai’s selling and distribution expenses, as well as general and administration expenses were lower than last year, dropping SAR 25 million, driven by cost control and operational efficiency. 

“Other expenses were SAR 29.6 million higher than last year due to lower selling price of bull calves compared to last year,” the Saudi firm said in the statement.

During the first six months of 2017, Almarai’s profits rose by 5.85% year-on-year to total SAR 974 million.