Saudi’s Almarai third-quarter profit flat
Oct 23, 2017-
Saudi Arabia’s Almarai, the Gulf’s largest dairy company, reported a flat third-quarter net profit on Sunday, and warned it remained cautious on the year due to adverse market conditions. Almarai made a profit of 667 million riyals ($178 million) in the three months to Sept. 20, compared to a revised quarterly profit of 664.3 million riyals in the year-earlier period, according to a bourse statement. Four analysts polled by Reuters had forecast on average that Almarai would make 620.75 million riyals. Revenue was down 4.5 percent to 3.37 billion riyals from the same period a year earlier. Almarai said tough market conditions continued into the third quarter and that its end of year outlook remains cautious.
Published: 23-10-2017 08:42