Skip to content Skip to Search
Skip navigation

Almarai profit rises despite Egyptian pound devaluation

By Pramod Kumar
An Almarai billboard in Dubai. The profit of the dairy and juice segment rose year on year following improved sales in core GCC markets Alamy via Reuters
An Almarai billboard in Dubai. The profit of the dairy and juice segment rose year on year following improved sales in core GCC markets

Saudi Arabia’s largest dairy producer, Almarai, said profit rose 9 percent year on year as a result of higher volume growth and the ability to absorb the adverse impact of the Egyptian pound devaluation.

Net profit reached SAR692 million ($184 million) in the first quarter of 2024, compared with SAR635 million a year ago, driven by annual revenue growth of 8 percent to SAR5.5 billion, effective cost control and stabilised commodity costs.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The profit of the dairy and juice segment rose year on year as a result of improved sales in core GCC markets and tight cost management.

The bakery segment’s profit was higher than last year because of production efficiencies and seasonal adjustments in consumption patterns. In addition, the poultry segment’s profit rose annually due to improved economies of scale.

Almarai expects this growth to continue, supported by stable macroeconomic conditions and improvement in tourism levels across the kingdom.

Dairy and feed commodities will continue to remain stable despite some negative impacts from international shipping lines.

“We will continue to manage these risks by optimising our hedging activities and by leveraging our inventory cover, where appropriate,” the dairy producer said.

Latest articles

Saudi Arabia’s new investment of $5bn will be separate from its deposits with the central bank, Egypt's prime minister Mostafa Madbouly said

Egypt explores new mega deals like Ras El-Hekma

Egypt is planning new developments along the Red Sea coast, with at least five new areas identified for deals similar to Ras El-Hekma, prime minister Mostafa Madbouly has said. The UAE sovereign fund ADQ unveiled plans in February to invest $35 billion to build the “largest new city” in Egypt to promote tourism and drive […]

QIA is exploring investment opportunities, including carve-outs among conglomerates and take-private deals in Japan

QIA looks at investments in Australia and Asia

Qatar Investment Authority (QIA) is looking at expanding into Australia, South Korea and Southeast Asia as part of its growth strategy, a senior fund official has said. The sovereign fund is starting to hire locally in Australia and South Korea, Abdulla Ali Al-Kuwari, head of Asia Pacific at QIA Advisory, told a panel at the […]

Sharjah is seen as a more affordable alternative to Dubai, making its real estate attractive

Foreign investors help Sharjah real estate thrive

Sharjah’s real estate sector recorded 22 percent growth in the number of foreign investors during the first half of the year compared with the same period last year, attracting investors from 100 different nationalities. The number of properties traded by foreign investors in the emirate during the first six months of this year reached almost […]

As of January 2024, women held less than 11 percent of board seats in the UAE

UAE company boards must appoint at least one woman

Private joint-stock companies in the UAE will have to appoint at least one woman to their board of directors starting from January next year, the Ministry of Economy has announced. The decision is part of the UAE’s efforts to enhance diversity in the corporate sector and increase women’s representation in leadership and decision-making roles. Abdulla […]