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Almarai Company (“The Company”) announces its interim condensed consolidated financial results for the period ending on 31-03-2024 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 5,458,641 | 5,066,564 | 7.738 | 4,919,738 | 10.953 |
| Gross Profit (Loss) | 1,708,461 | 1,617,851 | 5.6 | 1,396,908 | 22.303 |
| Operational Profit (Loss) | 868,866 | 802,543 | 8.264 | 528,895 | 64.279 |
| Net profit (Loss) | 692,227 | 635,057 | 9.002 | 370,719 | 86.725 |
| Total Comprehensive Income | 508,039 | 548,811 | -7.429 | 294,516 | 72.499 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 18,337,142 | 17,237,206 | 6.381 |
| Profit (Loss) per Share | 0.7 | 0.65 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenues increased by 8% due to strong volume growth, mainly attributed to the positive contribution from the dairy and poultry categories. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The 9% growth in net profit is driven by revenue growth of 8%, disciplined cost control, favorable product mix and stabilized commodity costs. Contribution of various Business Categories towards the 9% increase in net profit growth is as follows: • Dairy & Juice Category: Net profit increased compared to last year due to improved sales in core GCC markets, advancement of 10 days in Ramadan, especially for dairy categories, and tight cost management. • Bakery Category: Bakery category net profit was higher than last year due to production efficiencies and seasonal adjustments in consumption patterns. • Poultry Category: Poultry category net profit growth versus last year was positive due to continued production optimization, and improved economies of scale. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase of 11% in Revenue for the first quarter of 2024 (SAR 5,459 million), as compared to the fourth quarter of 2023 (4,920 SAR million) is due to higher sales of dairy & related products driven by seasonal consumption patterns. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase of 87% in the Consolidated Profit Attributable to the Company’s Shareholders for the first quarter of 2024 (SAR 692 million), as compared to the fourth quarter of 2023 (371 SAR million) is due to higher sales driven by improved product mix and seasonal adjustments in consumption patterns. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | For more information, please see note 2.1 in the condensed consolidated interim financial statements for the three Months period ended 31st March 2024. |
| Additional Information | Almarai is pleased to report strong performance for the first quarter of 2024 with positive revenue growth in all product categories and in all geographies, supported by higher volume growth related to seasonal adjustments in consumption patterns. We expect this positive momentum to continue at the top line, driven by stable macroeconomic momentum and improved tourism in general. This strong group performance was able to absorb the adverse impact of Egyptian pound devaluation in the current quarter, which was well managed at local operational level. In addition, dairy and feed commodities continue to remain stable, despite some negative impacts from international shipping lines. Almarai will continue to manage these risks by optimizing its hedging activities and by leveraging its inventory cover, where appropriate. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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