The Clap
The net profits of “Almarai” (2280) surged to approximately SAR 371 million in the fourth quarter of the previous year. This is compared to around SAR 356 million in the same period of 2022.
What
The company, considered the largest in the food and beverage manufacturing sector in the Middle East, noted a 5% increase in its annual revenues. This growth is attributed to the expansion of the poultry and dairy sectors in its key markets in the Gulf region, particularly in the Kingdom.
So What
The fourth quarter witnessed a 2% decline in the group’s revenue growth, attributed to a decrease in feed sales from its operations in America. Additionally, revenues from Egypt declined due to the devaluation of the currency.
As a result, the net profits of “Almarai” in 2023 increased to approximately SAR 2.05 billion, compared to around SAR 1.76 billion in 2022.
Now What
The company anticipates gaining a larger market share through its core sectors of products and strategic regions. It also intends to explore additional opportunities for growth and investment, aligning with its strategy for the next five years.
