RIYADH: Saudi-listed Almunajem Food Co. saw its profits soar significantly during the first quarter of 2022, as higher revenues pushed it to recovery, after a decline in profits in 2021.
Profits surged by 232 percent to SR97.9 million ($26 million), up from SR29.5 million in the same period a year ago, a bourse filing revealed.
The profit hike was backed by a 25 percent increase in revenues, to SR788 million.
Improved trade conditions during the period led to better profit margins, which, in turn, drove the company’s results higher, despite incurring expenses of SR71.9 million.
Almunajem earlier posted lower annual profits for 2021, dropping by 27.7 percent from a year earlier, due to rising cost pressures.