Almarai's Q4 net income drops 28pc on higher expenses

21 January, 2019 12:00 AM printer

DUBAI: Almarai, the Arabian Gulf’s biggest diary company, reported a 28 per cent drop in fourth-quarter net profit due to higher expenses and one-off items.

Net profit for the three months to the end of December after zakat and taxes fell to 369.6 million riyals (Dh362m) from 512.9m riyals reported in a year-earlier period, the company said in a statement to the Saudi stock exchange, where its shares are listed, report agencies.

Four analysts polled by Bloomberg had a median forecast of 515m riyals for the company's fourth-quarter net income.

Revenue fell 0.9 per cent to 3.39 billion riyals during the period.