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Almarai’s profit falls 3% in Q1 on higher costs

Almarai’s profit falls 3% in Q1 on higher costs
Almarai attributed the drop in Q1-19 profits to a rise in selling and distributing expenses.
ALMARAI
2280
3.62% 57.20 2.00

Riyadh – Mubasher: Saudi Arabia’s Almarai Co on Sunday reported a 2.58% year-on-year decline in profits during the first quarter of 2019.

The firm’s net profits amounted to SAR 336 million during Q1-19, down from SAR 344.9 million in Q1-18, the food and beverage firm said in a statement to the Saudi Stock Exchange (Tadawul).

Almarai, the Gulf's largest dairy company, attributed the drop in the first-quarter profit to a rise in selling and distributing expenses.

Quarter-on-quarter, profits tumbled 9% in the three-month period ended last March, from SAR 369.6 million.

The company last reported a net profit of SAR 2.009 billion during the full-year 2018, down 7.95% from SAR 2.182 billion in 2017.