Almarai records 7.7% growth in Q3 revenue

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JEDDAH — Almarai reported a revenue growth of 7.7% to reach SR3,573.3 million. Gross profit grew 3.2%, maintaining a robust value share in Almarai’s core market of Saudi Arabia, holding no.1 position across 10 categories.

Bakery business unit recorded a strong revenue growth of 10.4%, driven by increased investment in sales and marketing operations, while the Poultry business unit continued to expand in the food services and catering channel, achieving a revenue growth of 7.9%. Almarai Dairy and Juices business units also achieved a remarkable growth of 6.1% in the third quarter.

Despite revenue growth, Almarai’s net income remains under pressure, correspondingly declined by 8.5% due to higher investment in trade and marketing support and higher funding costs resulting from capital restructuring.

The company achieved a free cash flow of 60 1,360.4 with significant improvement year-on-year. It is expected that the cash flow will continue to increase in the short-term with a focus on costs as well as a significant improvement in the Saudi market, despite the challenges in the GCC economy.

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