Almarai’s net profit rises 10% to SAR 1.984 bln in 2020

24/01/2021 Argaam Exclusive

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Almarai’s annual consolidated net profit after Zakat and tax jumped 10% to SAR 1.984 billion, from SAR 1.811 billion a year earlier, driven by a 7% year-on-year (YoY) revenue growth, mainly by foods, Long Life dairy and poultry.

Financials (M)

Item	2019	2020	Change‬
Revenues	14,351.28	15,356.95	7.0 %
Gross Income	5,366.67	5,535.51	3.1 %
Operating Income	2,590.07	2,600.76	0.4 %
Net Income	1,811.75	1,984.36	9.5 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	1.81	1.98	9.5 %

Q4 2020 net profit after Zakat and tax grew by 8% YoY to SAR 335.9 million, as revenue grew by 3.1% YoY, backed mainly by both fresh and Long Life dairy along with alfalfa sales. The growth was witnessed mainly in Egypt, Jordan and export countries.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	3,703.94	3,819.59	3.1 %
Gross Income	1,293.51	1,232.43	(4.7 %)
Operating Income	533.32	507.41	(4.9 %)
Net Income	311.95	335.90	7.7 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.31	0.34	7.7 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	3,863.08	3,819.59	(1.1 %)
Gross Income	1,514.70	1,232.43	(18.6 %)
Operating Income	789.70	507.41	(35.7 %)
Net Income	621.52	335.90	(46.0 %)
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.62	0.34	(46.0 %)

When compared to the previous quarter, the Saudi dairy producer’s net profit plunged 46% on lower sales due to seasonality factors.

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