A local dairy company announced an increase in its profits by 51% during the first quarter of this year compared to the same quarter of last year 2022, as the company’s profit in 3 months amounted to about 635 million riyals (more than half a billion riyals).
The company showed an increase in revenues by 9%, with an increase in operating profits by 19%, in addition to an increase in net profit by 16%.
She explained that those who contributed to achieving these profits were entering the first 10 days of Ramadan in the first quarter, in addition to (one-time) support in exchange for one-time food security measures at a value of 149 million riyals, in addition to an increase in the profits of the dairy and juice sector by 8% (revenues increased). By 6%, sales growth on an annual basis was offset by cost inflation, especially in dairy and fodder commodities, in addition to an increase in the profits of the bakery sector by 29% (revenues increased by 9%) due to the positive growth in sales volume and the financial leverage of fixed cost, with the increase in volume Poultry segment sales due to additional available capacity resulted in revenue growth of 25% and normal adjusted net income growth of 38%.
Okaz (Jeddah) @okaz_online