Almarai Company reported a net profit after Zakat and tax of SAR 1.64 billion for the first nine months of 2020, a 10% year-on-year (YoY) increase, as compared to SAR 1.49 billion in the same period a year ago.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 10,647.34 | 11,537.36 | 8.4 % |
| Gross Income | 4,073.17 | 4,303.08 | 5.6 % |
| Operating Income | 2,056.75 | 2,093.35 | 1.8 % |
| Net Income | 1,499.81 | 1,648.46 | 9.9 % |
| Average Shares | 1,000.00 | 1,000.00 | - |
| EPS (Riyals) | 1.50 | 1.65 | 9.9 % |
The dairy producer attributed the profit increase to an 8.4% revenue growth led by long life dairy, foods and poultry; a 5.6% rise in gross profit; and lower funding costs.
Meanwhile, selling and distribution expenses increased by SAR 144.2 million, general and administration expenses rose by SAR 14.8 million, whereas other expenses decreased by SAR 10.3 million.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 3,573.26 | 3,863.08 | 8.1 % |
| Gross Income | 1,443.77 | 1,514.70 | 4.9 % |
| Operating Income | 770.15 | 789.70 | 2.5 % |
| Net Income | 581.25 | 621.52 | 6.9 % |
| Average Shares | 1,000.00 | 1,000.00 | - |
| EPS (Riyals) | 0.58 | 0.62 | 6.9 % |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 4,081.84 | 3,863.08 | (5.4 %) |
| Gross Income | 1,535.19 | 1,514.70 | (1.3 %) |
| Operating Income | 790.40 | 789.70 | (0.1 %) |
| Net Income | 643.93 | 621.52 | (3.5 %) |
| Average Shares | 1,000.00 | 1,000.00 | - |
| EPS (Riyals) | 0.64 | 0.62 | (3.5 %) |
Almarai’s net profit for Q3 2020 surged 6.9% YoY to SAR 621.5 million, due to higher gross profit, lower finance cost, and an increase in revenue.
On a sequential basis, Q3 2020 net profit dropped 3.5% on seasonality of sales.
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