Riyadh – Mubasher: Almarai Company reported SAR 335.9 million in net profits during the fourth quarter (Q4) of 2020, up by 7.7% on a year-on-year (YoY) basis.

The growth in profits was boosted by higher revenues and lower financing costs, selling and distribution expenses, and Zakat and tax, according to a bourse filing on Sunday.

Revenue of the Tadawul-listed firm grew by 3.1% YoY in Q4-20, reaching SAR 3.8 billion.

During the fiscal year (FY) ended on 31 December 2020, Almarai posted SAR 1.98 billion in net earnings, 9.5% higher than SAR 1.8 billion in 2019.