RIYADH: Saudi Arabian Almarai Co., the Gulf’s largest dairy company by market value, said fourth-quarter net profit rose 13.5 percent on higher sales, but the outcome missed forecasts.
Almarai made a net profit of SR249 million in ($66.35 million) in the three months to end-December, below two analysts forecasts for SR264.9 million and SR314.6 million in a Reuters poll. Fourth-quarter operational profit rose 6.3 percent to SR281 million. Its shares dipped 1.1 percent in early trading. “We believe some in the market will be disappointed and will take the opportunity of the stock having gained 7 percent year to date to take some money off the table,” Laurent-Patrick Gally, equity researcher at Shuaa Capital said.
Almarai said it made a SR1.1 billion net profit in 2009, up 20.5 percent from the previous year, while earnings per share rose to SR9.95 from SR8.35 riyals. It announced a dividend of SR4.