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FinancialNews
11-04-22
Almarai's, biggest diary firm in Middle East surges 9 percent in net income
(MENAFN) Saudi Arabia's Almarai, the Middle East's biggest dairy firm, registered an approximately 9 per cent increase in net income during the period from January till march as profit surged amidst lessening coronavirus-associated constraints in the country and wider Gulf area.
According to Almarai statement in a regulatory filing on Sunday to the Tadawul stock exchange, net revenue accredited to the firm’s stockholders for the three-month time span ended March 31 surged to 420.5 million Saudi riyals (USD122m), compared to the corresponding time span in last year.
The firm’s January-March period profit surged to around 24 per cent on an annual basis to reach 4.5 billion riyals.
The firm also stated, "positive revenue growth was evident in all categories due to improved trading conditions post Covid-19 movement restrictions, opening of educational institutions and higher number of visitors in the region."
MENAFN11042022000045013568ID1103989725
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