Saudi dairy producer Almarai Co.’s consolidated net profit after Zakat and tax surged 14% year-on-year (YoY) to SAR 383 million in the first quarter (Q1) of 2020 on the back of higher revenue spearheaded by foods, long-life dairy and poultry.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 3,308.89 | 3,592.44 | 8.6 % |
| Gross Income | 1,163.91 | 1,253.19 | 7.7 % |
| Operating Income | 504.61 | 513.26 | 1.7 % |
| Net Income | 336.03 | 383.01 | 14.0 % |
| Average Shares | 1,000.00 | 1,000.00 | - |
| EPS (Riyals) | 0.34 | 0.38 | 14.0 % |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 3,703.94 | 3,592.44 | (3.0 %) |
| Gross Income | 1,293.51 | 1,253.19 | (3.1 %) |
| Operating Income | 533.32 | 513.26 | (3.8 %) |
| Net Income | 311.95 | 383.01 | 22.8 % |
| Average Shares | 1,000.00 | 1,000.00 | - |
| EPS (Riyals) | 0.31 | 0.38 | 22.8 % |
Q1 2020 net profit was also bolstered by higher gross profit by 7.7%, increased input costs, lower other expenses by SAR 15.9 million, and stable finance costs.
This was partially offset by an increase in selling and distribution expenses by SAR 47 million and general and administrative expenses by 5.4%, and an increase in impairment of financial assets by SAR 26.7 million.
Meanwhile, profit from the bakery and poultry divisions rose 20.9% and 72.4% YoY respectively.
When compared to Q4 2019, Almarai’s net profit after Zakat and tax jumped 22.7% due to a payment booked in the quarter.
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