Almarai’s net profit rises 12% to SAR 1.02 bln in H1 2020

05/07/2020 Argaam Exclusive

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Almarai’s consolidated net profit after Zakat and tax jumped 12% year-on-year (YoY) to SAR 1.026 billion in H1 2020, thanks to better revenue and gross profit, along with a decline in finance costs.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	7,074.08	7,674.28	8.5 %
Gross Income	2,627.89	2,788.38	6.1 %
Operating Income	1,285.10	1,303.65	1.4 %
Net Income	918.56	1,026.94	11.8 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.92	1.03	11.8 %

Q2 2020 net profit after Zakat and tax climbed 11% YoY to SAR 643.9 million, driven by revenue growth from foods, long-life dairy and poultry and higher gross profit. Finance costs were down by SAR 19 million as benefits of lower interest rate and lower debt levels were partially offset by decreased capitalization of funding cost on capex program.

When compared to the previous quarter, the Saudi dairy producer’s net profit surged 68.1%, buoyed by seasonality of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	3,767.42	4,081.84	8.3 %
Gross Income	1,466.22	1,535.19	4.7 %
Operating Income	780.48	790.40	1.3 %
Net Income	582.53	643.93	10.5 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.58	0.64	10.5 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	3,592.44	4,081.84	13.6 %
Gross Income	1,253.19	1,535.19	22.5 %
Operating Income	513.26	790.40	54.0 %
Net Income	383.01	643.93	68.1 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.38	0.64	68.1 %

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