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.
Translated by: Mohamed Hesham Azab