Riyadh – Mubasher: Al Marai’s net earnings for the second quarter of 2016 rose18.55% year-over-year to SAR 628.8 million ($167.68 million) from SAR 530.4 million ($141.44 million), according to a bourse filing.
The Saudi leading food and beverage manufacturer attributed Q2 net income’s growth to a ramp-up in the company’s sales that improved by 10.3% in all main operating segments due to a ”continuous growth in the main segments from Dairy & Juice by 9.5%, Bakery by 16.2% and Poultry by 20.1%”, the bourse sharing revealed.
Further, the cost of sales also increased but at lower pace than sale’s growth as inputs costs, cost management, and production efficiencies saw an improvement that consequently led to a rise in gross profits by 14.6%.
On a six-month basis, the company earned SAR 937.3 million in the first six months of 2016, up 12% year-over-year from SAR 836.9 million.
Once again, sales played a major role in the first-six month higher profitability after significantly moving up by 11.8%, the bourse filing indicated.
In the first quarter of 2016, the company gained SAR 308.5 million compared with SAR 306.5 million for the year-ago period, thus registering a rise of 0.65% year-over-year.
