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Fall in Almarai’s Q2 revenue hits bottom line

Almarai expects top-line growth to continue this year amid stable macroeconomic growth and improved business performance Reuters/Faisal Al Nasser
Almarai expects top-line growth to continue this year amid stable macroeconomic growth and improved business performance

Revenues for Saudi Arabia’s Almarai, the Middle East’s largest dairy farm, fell 6 percent year on year in the second quarter of 2024, driven by seasonal changes in consumption patterns.

The top line fell to SAR5.2 billion ($1.4 billion) during the April to June period, compared to SAR5.46 billion a year earlier.

The drop in revenue impacted Q2 net profit, which fell 10 percent year on year to SAR620 million.



Details on the changes in consumption were not given.

However, revenues were up 8 percent to SAR10.6 billion year on year in the first half of 2024, thanks to strong volume growth in all categories, led by the dairy and poultry segments.

Net profit rose 10 percent to SAR1.31 billion due to strong performance in the GCC region, effective cost control, product mix, and stabilised commodity costs.

The company expects top-line growth to continue this year amid stable macroeconomic growth and improved business performance.

The latest data from the General Authority for Statistics released in June showed the annual inflation rate in Saudi Arabia stood at 1.6 percent in May, having remained at this rate since March.

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