Saudi Arabia’s Almarai reports 13% rise in third-quarter profit on higher revenue – The National

Saudi Arabia’s Almarai reports 13% rise in third-quarter profit on higher revenue – The National

Saudi Arabia's Almarai, the Middle East's largest dairy company, has reported a more than 13 per cent rise in third-quarter net profit on the back of higher revenue, as the Arab world’s largest economy continues to recover from the Covid-19-induced slowdown.

Consolidated profit attributable to shareholders for the three-month period ending September 30 climbed to 463.1 million Saudi riyals ($123.49m), compared with 409m riyals during the same period last year, the company said in a statement on Sunday to the Saudi stock exchange Tadawul, where its shares are traded.

Revenue during the period rose about 21 per cent to 4.76 billion riyals, mainly driven by higher sales in its poultry and bakery divisions.