Riyadh – Mubasher: Almarai Co said on Thursday it has redeemed the first series of sukuk at a value of SAR 1 billion.

The seven-year sukuk matured on 7 March 2012, the food and beverage firm said in a statement to the Saudi Stock Exchange (Tadawul).

Almarai, the Gulf's largest dairy company, further noted that it will deposit the value of redeemed sukuk at the shareholders’ bank accounts via HSBC Saudi Arabia Ltd. on Thursday, 7 March.

The transaction’s financial impact will appear in Almarai’s financial results of the first quarter of 2019.

The company’s net profits after calculating Zakat and Tax declined 27.93% to SAR 369.6 million during Q4-18, from SAR 512.9 million in Q4-17.