Poultry segment boosted Almarai’s Q1 profit, says CEO

Almarai’s profit growth in the first quarter of the year was bolstered by strong performance of the poultry segment, chief executive Georges Schorderet, told Al-Arabiya TV on Monday.

The company’s sales grew by 4.7 percent and 2.1 percent in Saudi Arabia and the remaining neighboring GCC countries respectively in Q1.

Overall, GCC sales registered a 4 percent rise.

“Meanwhile, gross sales were impacted by the weak performance in Egypt and lower exports,” Schorderet added.

The dairy producer has focused in the first quarter on boosting cash flows, enhancing operational efficiency and cost management.

Commenting on the performance of the dairy and juice segment, Schorderet said their results were weaker when compared to the previous year.

The segment was hurt by meat imports, the Egyptian market weakness, and the negative impact of limiting green fodder cultivation across the kingdom.

The performance of the dairy and juice segment, however, is still strong in the Saudi and GCC markets.

Almarai’s Q1-2017 net profit jumped 14 percent year-on-year to SAR 328.3 million.