Riyadh, Saudi Arabia — Saudi Arabia’s multinational dairy company Almarai reported a net profit of SAR 1.19 billion ($317 million) in H1 2023, up 27 percent compared to SAR940.8 million a year earlier.
The higher earnings were driven by an 8 percent rise year-on-year (YoY) in revenue and a 27 percent increase YoY in operating profit, Argaam reported.
The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs.
The company’s Q2 2023 net profit rose 7 percent to SAR557.1 million, compared to SAR520.36 million in the year-earlier period, spurred by 4 percent higher revenue YoY, an increase of 11 percent YoY in operating profit, and a 7 percent rise YoY in net profit attributable to shareholders.
Sequentially, Q2 2023 earnings dropped 12.3 percent from SAR635.06 million due to a seasonal change in consumption patterns. In addition, the first 10 days of Ramadan fell in the previous quarter.
Total shareholders’ equity, excluding minority interest, reached SAR 16.81 billion as of June 30, 2023, compared to SAR 15.83 billion a year earlier.
