Almarai Company (“Almarai” or the “Company”) has announced its financial results for the 6-month period ended 30th June 2019. Revenues of SAR 7.07 billion were up by 3.1% compared to H1 2018, with second quarter revenue of SAR 3.77 billion improving by SAR 460 million on the previous quarter. Second quarter net income of SAR 583 million increased by SAR 247 million on the previous quarter, while H1 net income of SAR 919 million was down by 8.7% year-on-year, driven by higher funding costs resulting from capital restructuring and a rising SIBOR benchmark.
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While the wider GCC economy is still experiencing headwinds and a softer trading environment, Almarai continues to reduce Opex, while strengthening and renovating core products, at the same time developing new and improved products and exploring new geographic and category channels: all with the aim to support top- and bottom-line growth, supported by strong and stable margins. The Company’s management has continued to build capacity in order to position Almarai in the delivery of its medium- and long-term strategy.