Riyadh – Mubasher: Almarai Company’s board of directors announced that the company’s CFO Paul Louis GAY will resign over the coming period and Majed Mazen Rasheed Nofal will replace him, effective 8 April.

The firm’s board approved GAY’s resignation on Sunday, 10 February, the food and beverage firm said in a statement to the Saudi Stock Exchange (Tadawul).

“GAY will remain with the company for the necessary period to ensure a proper handover,” the statement added.

Almarai last reported a 27.93% year-on-year profit decline for the fourth quarter of 2018, reaching SAR 369.6 million, compared to SAR 512.9 million.

From January to December 2018,  the Gulf's largest dairy company registered SAR 2.009 billion in net profit after calculating zakat and tax, down 7.95% year-on-year from SAR 2.182 billion.