Saudi Arabia-listed Almarai, the Arabian Gulf's largest dairy producer, warned of "adverse" market conditions ahead as it posted flat third quarter net profit, in line with analysts' expectations.
The company warned of "continuous adverse market conditions and higher operating costs" for the rest of the year because of factors such as
expat levy fees, devaluation of the Egyptian pound, lower exports and weak consumer
sentiment.
Consolidated profit for the three months ended
September 30 rose 0.4 per cent to 667 million Saudi riyals (Dh653.2m) from 664.3m riyals in the corresponding quarter of 2016, Almarai said yesterday.
The company attributed the performance to "tough market conditions" since last year, which have continued into the third quarter of this year.
Revenue was down 4.5 per cent to 3.37 billion riyals from 3.53bn riyals a year earlier, the company added.
This was slightly lower than estimates made to Bloomberg by analysts including EFG Hermes (3.721bn riyals ) and Saudi Fransi Capital (3.658bn riyals).
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EFG Hermes said in a briefing note yesterday that the results were “exactly in line with our estimate, as slower top-line (minus 4 per cent year-on-year) was offset by operational cost efficiencies and lower commodity costs that helped to reduce poultry segment losses significantly”.
Results were negatively affected by a 23.4m riyals decline in forex gains and higher net interest costs of 11m riyals, while revenues "remained weak", the note added.
Almarai said it had launched a productivity improvement and cost-cutting programme at the end of 2016 to reduce the company cost base by 500m riyals over the next two years.
“The benefits of this programme have already been felt during the first nine months of 2017,” it said.
Consumer spending in Saudi Arabia, Opec’s top oil producer, has declined amid lower oil prices and slower economic growth, which has affected
retailers in the region’s biggest economy.
Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The biog
Hometown: Cairo
Age: 37
Favourite TV series: The Handmaid’s Tale, Black Mirror
Favourite anime series: Death Note, One Piece and Hellsing
Favourite book: Designing Brand Identity, Fifth Edition
The Orwell Prize for Political Writing
Twelve books were longlisted for The Orwell Prize for Political Writing. The non-fiction works cover various themes from education, gender bias, and the environment to surveillance and political power. Some of the books that made it to the non-fiction longlist include:
- Appeasing Hitler: Chamberlain, Churchill and the Road to War by Tim Bouverie
- Some Kids I Taught and What They Taught Me by Kate Clanchy
- Invisible Women: Exposing Data Bias in a World Designed for Men by Caroline Criado Perez
- Follow Me, Akhi: The Online World of British Muslims by Hussein Kesvani
- Guest House for Young Widows: Among the Women of ISIS by Azadeh Moaveni
'Tell the Machine Goodnight' by Katie Williams
Penguin Randomhouse
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
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Starting price: Dh79,000
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Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
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Winner: Moosir, Dane O’Neill, Doug Watson.
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Winner:
UAE currency: the story behind the money in your pockets
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
Fixtures
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