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Saudi Arabia's largest dairy company sees 14.7% decline in profits

24 January 2022

Subsidy reductions, imported feed costs and inflation cited as causes

Saudi Arabia's Almarai, the Gulf's largest dairy company, reported on Sunday a 14.7% drop in fourth quarter profit, citing subsidy reductions, imported-feed costs and inflation for farm and dairy commodities, reported Reuters.

Almarai made a net profit of 286.5 million riyals ($76.38 million) for the three months through 31 December, down from 335.9 million riyals in the same period a year earlier ($1 = 3.7509 riyals).

The company said it was hurt by the lack of subsidies for corn and soy last year. Results were also affected by alfalfa feed consumption moving to a 100%-import basis. General cost rises for farm and dairy commodities also hit its margins, mostly in the second half of the year, Almarai said.

Source: Reuters


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