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Almarai’s net profits rise 9% in Q1-24 interim results

Almarai’s net profits rise 9% in Q1-24 interim results
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9.06% 60.20 5.00

Riyadh – Mubasher: Almarai Company registered net profits valued at SAR 692.22 million in the first quarter (Q1) of 2024, up 9% from SAR 635.05 million in Q1-23.

Revenues increased by 7.73% to SAR 5.45 billion in Q1-24 from SAR 5.06 billion as of 31 March 2023, according to the interim consolidated financial results.

The growth in net profits and revenues was attributed to disciplined cost control, favourable product mix, and stabilised commodity costs.

The earnings per share (EPS) amounted to SAR 0.70 in January-March 2024, higher year-on-year (YoY) than SAR 0.65.

On a quarterly basis, the net profits in Q1-24 hiked by 86.72% from SAR 370.71 million in Q4-23, while the revenues jumped by 10.95% from SAR 4.91 billion.

Last March, the board members of Almarai approved a SAR 18 billion strategic plan for the next five years.