Almarai 9M 2020 net profit rises 10% to SAR 1.64 bln

04/10/2020 Argaam Exclusive

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Almarai Company reported a net profit after Zakat and tax of SAR 1.64 billion for the first nine months of 2020, a 10% year-on-year (YoY) increase, as compared to SAR 1.49 billion in the same period a year ago.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	10,647.34	11,537.36	8.4 %
Gross Income	4,073.17	4,303.08	5.6 %
Operating Income	2,056.75	2,093.35	1.8 %
Net Income	1,499.81	1,648.46	9.9 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	1.50	1.65	9.9 %

The dairy producer attributed the profit increase to an 8.4% revenue growth led by long life dairy, foods and poultry; a 5.6% rise in gross profit; and lower funding costs.

Meanwhile, selling and distribution expenses increased by SAR 144.2 million, general and administration expenses rose by SAR 14.8 million, whereas other expenses decreased by SAR 10.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	3,573.26	3,863.08	8.1 %
Gross Income	1,443.77	1,514.70	4.9 %
Operating Income	770.15	789.70	2.5 %
Net Income	581.25	621.52	6.9 %
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.58	0.62	6.9 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	4,081.84	3,863.08	(5.4 %)
Gross Income	1,535.19	1,514.70	(1.3 %)
Operating Income	790.40	789.70	(0.1 %)
Net Income	643.93	621.52	(3.5 %)
Average Shares	1,000.00	1,000.00	-
EPS (Riyals)	0.64	0.62	(3.5 %)

Almarai’s net profit for Q3 2020 surged 6.9% YoY to SAR 621.5 million, due to higher gross profit, lower finance cost, and an increase in revenue.

On a sequential basis, Q3 2020 net profit dropped 3.5% on seasonality of sales.

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