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. Â
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.Â
The first-half results were also lifted by Almarai’s full acquisition of International Dairy and Juice Limited (IDJ) despite higher finance costs. Â
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. Â
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. Â
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.