- RIYADH: Saudi Arabia's Almarai Co., the Gulf's largest dairy firm by market value, made its lowest quarterly net profit in a year in the first quarter after the completion of a $253.2 million acquisition.
At SR234.1 million ($62.43 million), Almarai's net profit in the three months to March 31 rose by a lower-than-expected 18.6 percent from the year-earlier period.
The company, in which Savola Group holds a near 30 percent stake, was forecast to produce a 35.5 percent annual rise in first-quarter earnings, according to a Reuters survey.
Sales rose 17.6 percent to SR1.56 billion during the first quarter, the company said in a statement on the bourse website, but operational profit increased by 12 percent to SR278 million.
Almarai completed the cash-and-stock acquisition for Hail Agricultural Development Co. (Hadco) in October to diversify revenue sources.