Saudi dairy group Almarai has booked an increase in full-year profits, driven by increased sales and product diversification.
For 2010, consolidated net income amounted to SAR1.28bn (US$341m), an increase of 17.2% on the same period last year. Operating profit reached SAR1.46bn, a 14.1% rise on 2009. Sales climbed 18.1% to SAR6.93bn.
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In the fourth quarter, Almarai’s consolidated net income rose 14% to SAR283.8m, while operating profit increased 13.4% to SAR319.2m.
Sales in the quarter amounted to SAR1.80bn, an increase of 16.2% on the prior-year period.
“These exceptional results are attributed to increased sales, product diversification and continuous improvements in quality and service,” the firm said in a statement. “The second half of 2010 saw dairy commodities, juice ingredients, packaging and feed costs increase significantly. The company’s procurement strategy protected margins during 2010.”
Click here to view the full earnings release.
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