Saudi food firms’ profit grows in Q4; Almarai tops peers

Saudi food firms’ profit grows in Q4; Almarai tops peers
Eleven firms logged SAR 476.16 million in profits during Q4-17
Almarai 2280 -0.68% 58.40 -0.40
WAFRAH 2100 1.41% 14.34 0.20
H B 6001 0.78% 52.00 0.40
Sharqiya Dev Co 6060 -1.31% 52.70 -0.70
Savola Group 2050 -1.03% 38.30 -0.40
TADCO 6040 -0.18% 11.18 -0.02
SFICO 6050 0.59% 25.75 0.15

By: Thabet Shehata

Riyadh – Mubasher: Food companies listed on the Saudi Stock Exchange (Tadawul) posted a 236% year-on-year jump in their profits during the fourth quarter of 2017.

Eleven firms logged SAR 476.16 million in profits during Q4-17, against suffering a loss of SAR 350.15 million in the same quarter a year earlier, according to Mubasher's statistics. 

Almarai’s net profits amounted to SAR 512.6 million in Q4-17.

Profits of Saudi food producers surged 61.07% to SAR 3.27 billion during the full-year 2017, from SAR 2.03 billion in the previous year, the statistics highlighted.

Almarai, the Gulf's largest dairy company, topped its peers with a profit of SAR 2.18 billion last year, up 1.58% from SAR 2.15 billion in 2016.

Tabuk Agriculture Development Company (TADCO) generated SAR 49.67 million in profits during Q4-17.

Halwani Bros Co’s profits stood at SAR 20 million in Q4-17, against incurring a loss of SAR 64.87 million during the corresponding period in the year before.

On a quarterly basis, Savola Group’s led losers with SAR 37.5 million.

On an annual basis, Ash Sharqiyah Development, Saudi Fisheries Company (Al Asmak), and Wafrah for Industry and Development suffered losses.

 

Translated by: Mohamed Hesham Azab

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Source: Mubasher Exclusive

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