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Saudi’s Almarai Q1 Profit Rises 7.3%, Misses Estimates

Saudi’s Almarai Q1 Profit Rises 7.3%, Misses Estimates

The company had sales worth 2.72 billion riyals in the first quarter, up 12.3 per cent from a year earlier.

Saudi Arabia’s Almarai Co said on Sunday its first-quarter profit rose 7.3 per cent, missing analysts’ estimates despite higher sales and a one-off gain from an acquisition.

Almarai made a net profit of 273.6 million riyals ($73 million) in the three months to March 31, up from 255.1 million riyals a year earlier, it said in a bourse statement.

Analysts on average forecast Almarai would make a quarterly profit of 284.9 million riyals.

The company had sales worth 2.72 billion riyals in the first quarter, up 12.3 per cent from a year earlier.

Almarai made a one-off gain of 20.9 million riyals in the first quarter from the acquisition of shares in International Pediatric Nutrition Company.

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