- Saudi-listed dairy giant Almarai Company reported a 7.1% increase in net profit at 557.08 million Saudi riyals ($148.45 million) for the second quarter of 2023, compared to 520.36 million riyals in the year-earlier period.
- The higher profit was driven by increased revenue and improved operational efficiencies. However, the earnings were slightly impacted by rising funding costs in line with SAIBOR interest rates.
Why it matters
The growth was driven by the dairy and juice sector, as well as the bakery segment, which experienced positive sales growth and economies of scale. Almarai's strong results come as Saudi Arabia's economy continues to post strong growth, boosted by the non-oil sector.
