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Almarai Quarterly Profit Rises 5% as Dairy, Juice Sales Climb


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


Almarai Co., (ALMARAI) the Saudi food producer operating a joint venture with PepsiCo Inc. (PEP), posted a 5 percent increase in second-quarter profit as its dairy, juice and bakery business grew.

Net income rose to 398 million riyals ($106 million) from 380 million riyals a year earlier, the company said in a statement to the Saudi stock exchange website today. That was less than the 404 million-riyal average estimate of nine analysts compiled by Bloomberg.

Almarai, Saudi Arabia's largest food producer, said in April it raised 1.3 billion riyals ($347 million) from the private placement of Islamic bonds with investors in the kingdom. The sale was part of a 2.3 billion-riyal sukuk program it set up last year. Almarai has a 15.7 billion-riyal, five-year investment program to boost output and develop products.


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