Almarai made a profit of 674.1mn riyals ($180mn) in the three months to June 30, up from a revised quarterly profit of 658.4mn riyals in the year-earlier period, according to a bourse statement.
Revenue dropped 4.2% to 3.76bn riyals from the same period a year earlier as last year’s tough market conditions continued in the second quarter, the company said, adding that it remained cautious for the rest of the year.
Currency devaluation in Egypt, lower exports, and weaker consumer sentiment impacted the company’s quarterly performance, particularly in the dairy and juice segment, Almarai said.
Three analysts polled by Reuters had forecast on average that Almarai would make 694.3mn riyals.
In June, the Saudi market regulator approved Almarai’s request to increase capital to 10bn riyals from 8bn through the issuance of bonus shares.
Almarai has lost access to the Qatari market since June after Saudi Arabia severed trade and travel links with its neighbour in the Gulf’s most severe diplomatic split in years.
NCB
Saudi Arabia’s National Commercial Bank (NCB), the kingdom’s largest lender, reported a 0.9% dip in second-quarter net profit on Sunday as a drop in operating expenses was offset by lower operating income.
The bank made a net profit of 2.42bn riyals ($645.30mn) in the three months to June 30, down from 2.44bn riyals in the same period of 2016, it said in a bourse statement.
SICO Bahrain forecast NCB would make a quarterly profit of 2.63bn riyals.
The bank’s operating income was lower due to a 121mn riyals fall in fees from banking services, as well as a 115mn riyals decline in investment-related income.
