Weak top-line growth
Almarai reported an almost flat Q4 2016 with 0.7% sales growth to SAR3.61bn, triggered by juice and dairy sales decline for the first time by 2.7% YoY to SAR2.7bn. The net income increased by only 1.0% to SAR489m. Consequently, the full year revenues increased 6.6% to SAR14.699bn as the Juice and Dairy sales were up by 5.0% to SAR11.274bn. Bakery sales increased 16.3% YoY to SAR1.891, supported by new capacities in Hail and new product launches.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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