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FinancialNews
07-10-17
Almarai affected by Qatar Blockade
(MENAFN) The blockade against Qatar in affecting the Riyadh-based company Almarai, the company's revenue is likely to take a hit in the third quarter of the current year.
Due to the Saudi-led blockade against Qatar, the Middle East's leading food and beverage manufacturer "will face weakness from lower sales year-on-year as a result of Qatar blockade", as said by investment bank SICO (headquartered in Bahrain).
Almarai focuses on dairy business and produce products like fresh milk, yogurt, flavored milk, milkshakes, UHT, evaporated milk, cream, desserts, natural and processed cheeses, butter and ghee.
Customers in Qatar voluntarily stopped buying Almarai's products just shortly after the blockade.
During the initial days of blockade, in Doha supermarkets, Almarai's products were seen in piles labeled with discount signs.
MENAFN0710201700450000ID1095926963
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