Riyadh – Mubasher: Saudi Arabia’s Almarai Co on Sunday reported a 2.58% year-on-year decline in profits during the first quarter of 2019.
The firm’s net profits amounted to SAR 336 million during Q1-19, down from SAR 344.9 million in Q1-18, the food and beverage firm said in a statement to the Saudi Stock Exchange (Tadawul).
Almarai, the Gulf's largest dairy company, attributed the drop in the first-quarter profit to a rise in selling and distributing expenses.
Quarter-on-quarter, profits tumbled 9% in the three-month period ended last March, from SAR 369.6 million.
The company last reported a net profit of SAR 2.009 billion during the full-year 2018, down 7.95% from SAR 2.182 billion in 2017.
