Almarai reports 17.3% y-o-y rise in 3Q 2024 net income

Tadawul-listed Almarai’s bottom line grew 17.3% y-o-y to SAR 570.4 mn in 3Q 2024, it said in an earnings release (pdf). The net income growth was driven by higher revenue, improved expenses management, and stabilized commodity prices, with the firm’s dairy, bakery, and poultry segments all seeing gains from higher sales and improved efficiency.

Revenues rose 8.6% y-o-y to SAR 5.2 bn, led by strong volume growth across all product categories, particularly foods and dairy. The company reported strong sales performance across all markets, with the exception of Egypt, which declined on a y-o-y basis in SAR due to the base effect of the country’s currency devaluation, according to a disclosure to Tadawul. In EGP terms, Almarai’s sales in Egypt registered double-digit growth.

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On a 9M basis: Net income rose 12.2% y-o-y to SAR 1.9 bn in 9M 2024, with revenues rising 8.0% during the same period to SAR 15.8 bn.

REMEMBER- Almarai is looking to spend more to make more: It said in March that it plans to spend SAR 18 bn over the next five years as part of a strategic plan aimed at maximizing sales. It plans to ramp up investment in supply chains, development, sustainability, operational efficiency, and technology.