Riyadh – Mubasher: Saudi Arabia’s Almarai Co on Monday announced signing an agreement with Alamar Foods to acquire a 100% stake of in Premier Foods at a value of SAR 108 million.

The transaction will enhance Almarai’s ability to largely expand, especially in providing food services, the food and beverage firm said in a statement to the Saudi Stock Exchange (Tadawul).

Almarai, the Gulf's largest dairy company, further indicated that this deal was financed through its operating cash inflows, while its financial impact will appear in the next quarter statements. 

Almarai Co last reported a net profit of SAR 369.6 million after zakat and taxes during the fourth quarter of 2018, registering a drop of 27.93% from SAR 512.9 million in the corresponding period of 2017.

During the full-year 2018, the Saudi Arabia-based integrated consumer food and beverage group logged SAR 2.009 billion in net profit after zakat and tax, down 7.95% year-on-year from SAR 2.182 billion.

Almarai Co’s stock levelled down 0.91% to close Monday's trading session at SAR 54.50.