Safi's quarterly profits up 10 percent
Almarai achieved a rise of more than 10% in its net profits during the second quarter of the year, reaching 116.5 million SAR compared to 106 million SAR in the same period of the previous year. This growth was supported by an increase in its share of the results of affiliated companies and higher profits in main sectors, especially the food manufacturing sector, which recorded a net profit of 94 million SAR due to increased sales and the exclusion of some non-recurring losses. The frozen foods sector, "Al Kabeer," also contributed to improved profitability, and the "Hervy" food services sector saw an increase in profits. Meanwhile, the retail sector, "Panda," experienced a decline in profits due to non-recurring losses and higher expenses. Overall, the group's revenues rose by 8.5% to 6.3 billion SAR, driven by increased sales in the food and retail sectors, as the company continues to dominate extensive markets and retail outlets across the Middle East.
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