Leisure & Hospitality Almarai Q3 2024 profit rises 17% amid revenue growth By Pramod Kumar October 7, 2024, 4:10 AM Alamy via Reuters Almarai's third-quarter net profit of the dairy and juice segment increased year on year, thanks to improved sales in core GCC markets Almarai, the Middle East’s largest dairy farm, said third-quarter 2024 net profit rose 17 percent to SAR570 million ($152 million), compared with SAR486 million a year ago. The profit growth was driven by a 9 percent year-on-year increase in revenue to SAR5.2 billion amid growth in all product categories across all geographies, except Egypt. Despite the currency devaluation, revenues in Egypt reported double-digit growth in local currency. Other factors leading to bottom-line growth were disciplined cost control, a favourable product mix and stable commodity costs. “We expect this positive momentum to continue at the top line, driven by stable macroeconomic momentum and improved business performance,” the company said in a statement to the Saudi stock exchange on Sunday. The third-quarter net profit of the dairy and juice segment increased year on year, thanks to improved sales in core GCC markets, especially in the food and long-life dairy categories, and effective cost management. Tenders open for Saudi Arabia fish farm Our love for cheap imported food is costing us dearly Saudi poultry producer gets nod to sell 30% stake in IPO The bakery segment’s profit beat last year, driven by production efficiencies and seasonal consumption patterns. The poultry segment benefited from increased revenue, ongoing production optimisation and improved economies of scale. Almarai’s nine-month net profit increased by 12 percent annually to SAR1.9 billion as the topline grew 8 percent annually to SAR15.8 billion. Total shareholders’ equity after minority interest jumped 6 percent annually to SAR18.6 billion by the end of September 2024.
