A continued move forward
The Gulf’s largest dairy company reported a 2.5% increase in Q3 sales to SAR655m. The 9M sales were up 8.6% to SAR11.088bn, as the Dairy and Juice sales increased 7.5% to SAR8.577bn. Furthermore, Bakery revenues rose 20.3% to SAR1.385bn, while Poultry sales’ growth hit 5.8% to SAR992m. Almarai made an 11% increase in its 9M profit to SAR1.592bn. The Q3 2016 coincided with an insurance settlement gain of SAR25m. Thus, the net margin was up 30 bps to 14.3%.Almarai is an integrated consumer food group in the Middle East, based in Saudi Arabia, and active in the neighbouring Gulf Cooperation Council (GCC) countries. Co.'s dairy, fruit juices and related food business is operated under the Almarai, Beyti and Teeba brand names. Raw milk production and related processing and food manufacturing activities are undertaken in Saudi Arabia, United Arab Emirates, Egypt and Jordan. Final consumer products are distributed from facilities in these countries to local distribution centers by Co.'s long haul distribution fleet. Bakery products are manufactured under the brand names L'usine and 7 Days. Poultry products are manufactured under the Alyoum brand.
AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.
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