Saudi food firm Almarai has posted a marginal profit increase of 1.2% at SAR373.3m (US$99.5) for the fourth quarter of 2013 compared with the same period of 2012.
Costs from Almarai’s investment programme weighed on its quarterly profits, it said. Almarai’s profit for the fourth quarter of 2012 was aided by a land sale.
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Sales were up 13.7% year-on-year, with its dairy and juices, poultry and bakery businesses posting strong growth, the company said in a statement.
The company also highlighted that it has experienced “increasing dairy commodity costs during the quarter which have been mitigated through an effective portfolio management resulting in a relative stable cost of sales.”
Profit for the whole of 2013 was up 4.3% on the previous year at SAR1.5bn. Annual sales 13.5% thanks to higher revenue from “all products”, Almarai said. The company did not disclose a figure for annual sales. Last year, Almarai reported annual sales for 2012 of SAR9.88bn.
Earlier this month, Almarai finalised a deal to buy out Mead Johnson from their local infant formula venture International Pediatric Nutrition Company in a $4m transaction.
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