Almarai generates $480mln net profits in 9M-24; sales jump on strong performance in GCC markets

Riyadh – Almarai Company achieved a net profit worth SAR 1.88 billion in the first nine months (9M) of 2024 compared to SAR 1.67 billion in 9M-23.

The Saudi company attributed the 12.15% annual growth in net profit to higher revenue, cost control, favourable product mix, and stabilised commodity costs.

Almarai recorded sales worth SAR 15.82 billion during the January-September 2024 period, which came 7.95% higher than SAR 14.65 billion in the corresponding period a year ago, according to the consolidated income statements.

The company attributed the annual growth in its revenue to strong performance in core GCC markets, with contribution from all categories led by fresh dairy and poultry.

The earnings per share (EPS) stood at SAR 1.91 as of 30 September 2024, compared with SAR 1.71 in the same period last year.

Third Quarter Financial Results

During the third quarter (Q3) of 2024, Almarai witnessed a 17.31% annual growth in net profit to SAR 570.45 million from SAR 486.26 million in Q3-23.

The sales also increased by 8.58% to SAR 5.20 billion during July-September 2024 from SAR 4.79 billion in the corresponding period in 2023.

On a quarterly basis, the net profits in Q3-24 were 7.94% lower than SAR 619.69 million in Q2-24 whereas the sales increased by 1.05% from SAR 5.15 billion.

Moody's Ratings recently changed Almarai’s outlook to positive from stable and affirmed its ‘Baa3’ long-term issuer rating.

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