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Almarai: Announced Q1-2019 Financial Results

Riyadh / SA. (ac) Almarai Company announced its Condensed Consolidated Interim Financial Results for the period ended on 31st March 2019 (three months) on April 07, 2019. In a resurging first quarter trading environment, nearly all of Almarai’s core segments have demonstrated top line growth. Highest contributor to the sales growth was HoReCa sales within Poultry segment followed by growth in Dairy Foods and Bakery. However, weakness in GCC markets coupled with a general decline in Juice category resulted in lower revenues for Dairy and Juice segment. Higher input costs driven by higher feeds costs and one-off crop rotation costs in overseas arable operations resulted in lower gross profit growth. However continued focus on cost control ensured that operating profit remained in line with last year. Lastly, higher funding costs due to the change in capital structure post repayment of perpetual sukuk resulted in slightly lower net profit than last year – the Company said in its statement as follows (97 KB):