Riyadh – Mubasher: Saudi Arabia-based Almarai on Sunday announced that its net profits decreased by 4.29% year-on-year in the fourth quarter of 2017, but grew for the full year 2017.

The dairy firm posted 1.58% growth in its net profits in 2017 to SAR 2.18 billion, compared to SAR 2.15 billion in 2016.

Earnings per share (EPS) amounted to SAR 2.11 in 2017 versus SAR 2.08 in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).

Meanwhile, operating profit for the full year reached SAR 2.58 billion, up 2.58% year-on-year from SAR 2.518 billion.

As for Q4-17, Almarai logged SAR 513 million in profits, down 4.29% year-on-year from SAR 536 million.

Quarter-on-quarter, profits tumbled 23.09%.

Almarai attributed the drop in its fourth-quarter profits to a 2.6% decrease in revenues due loss of sales in the GCC and export destinations as well as a 3.8% drop in gross profits.

The revenue decline was “partly compensated by strong performance of poultry, long life Dairy and cheese products,” Almarai highlighted, noting that finance expenses had grown by 8.2% year-on-year in Q4-17 on the back of higher overseas funding costs.

Almarai’s stock last shed 0.28%, closing Thursday at SAR 54.