RIYADH: Saudi-based Almarai Co.’s shares decline despite a 10 percent increase in net profit to SR1.4 billion ($372 million) in the third quarter of the year, driven by a surge in revenue.
Almarai’s shares shed 1.81 percent to reach SR54.40, as of 10:23 a.m. Saudi time.
The dairy giant attributed its higher profit to 20-percent revenue growth, driven mainly by poultry and bakery revenue growth, according to its bourse filing.
Almarai’s revenue during the first nine months of the year stood at SR14 billion, compared to SR12 billion in the same period last year.
Positive revenue growth was also witnessed across all categories following the removal of COVID-19 movement restrictions, the re-opening of educational institutions and higher visitor numbers, it said.