For the fourth quarter, Almarai consolidated net income reached $129m (SAR 483.7m), an increase of 13% compared to the corresponding quarter of the previous year and a decrease of 18.7% compared to the previous quarter.
The total gross profit for the fourth quarter amounted to $356.9m (SAR 1,338.4m), an increase of 10.3% compared to the corresponding quarter of the previous year. The consolidated net income for the year amounted to $510.8m (SAR 1,915.7m), an increase of 14.4%.
The total gross profit for the year amounted to $1.41bn (SAR 5,283.3m), an increase of 15%.
Dairy net income up
The statement said that the growth in net income for the fourth quarter of 13%, compared to the corresponding quarter of the previous year was due, in part, to growth in sales of 7.6%.
This was as a result of continuous sales growth in the main segments from bakery by 20.3%, poultry of 12.8% and dairy and juice of 5.2%.
Overall, the result of core business segments showed dairy and juice decreased by 8.5%, bakery increased by 65.6% and poultry losses declined by 32.1%.
Growth in sales of 9.4% was shown by the company to be as a result of continuous sales growth in the main business segments, with an increase in dairy and juice of 8.5%.
Company satisfied with progress
The sales growth in the fourth quarter in Saudi Arabia and GCC countries is 11.2% and 2.2% respectively while other countries sales decreased by 0.4%. For the year, sales growth in Saudi Arabia, GCC countries and other countries was 9.4%, 8.1%, and 13.5% respectively.
The statement released by Almarai noted that, overall the company is satisfied with its business performance which is in line with its strategic plan: sales, profitability and cash flow metrics grew while the company has been able to increase its production capacity to meet consumer demand.