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Almarai Co.’s First-Quarter Profit Rose 5.4%, Missing Estimates


06 Apr 2013 07:24 GMT   التعليقات ()       إضافة تعليق       طباعة       إرسال لصديق


Almarai Co. (ALMARAI), the largest Saudi Arabian food producer by market value, said first-quarter profit increased 5.4 percent as its poultry revenue grew.

Net income rose to 255.1 million riyals ($68 million) from 242.1 million riyals a year earlier, the company said in a statement on the Saudi stock exchange website today. That was less than the 292.9 million-riyal average estimate of ten analysts compiled by Bloomberg News.

In May, Almarai, which operates a joint venture with PepsiCo Inc. (PEP), approved a 15.7 billion-riyal, five-year investment program to boost output and develop products. The company raised 1.3 billion riyals this month from an Islamic bond sale, which is part of a 2.3 billion-riyal sukuk program set up in 2012.


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