Riyadh – Mubasher: Al Marai reported a 10% increase in its net profit for the third quarter of the fiscal year 2016, according to a bourse filing on Sunday.
The company earned SAR 654.6 million ($174.56 million) in Q3 compared with SAR 595.1 million for the year-ago quarter.
On a three-month scale, net profit rose 4.1% quarter-on-quarter to SAR 654.6 million from SAR 628.8 million.
Over the first nine months, the company registered SAR 1.59 billion profits, higher 11.17% year-on-year from SAR 1.43 billion.
The company attributed higher Q3 profits compared with the prior-year quarter to a 2.5% increase in sales as a result of a "continuous growth in the main segments from Dairy & Juice by 1.4%, Bakery by 17.4% and a decrease in Poultry by 9.4%.", the bourse statement revealed.
In addition, costs of sales fell by 1.1%, the company said, ascribing this decline to "continues decrease of in-put costs, better cost management and enhanced production efficiencies."
This led to a 7.7% increase in gross profit, which is reflected into the net income improvement for the third quarter.
