Saudi Arabia's Almarai, the biggest dairy company in the Middle East, reported a 7.7 per cent jump in the fourth quarter net income as revenue rose.
Net profit attributable to the company's shareholders for the three months to the end of December climbed to 335.9 million Saudi riyals ($89.57m), Almarai said in a statement to Saudi Arabia's Tadawul stock exchange, where its shares trade.
The company’s quarterly revenue rose 3.1 per cent year-on-year to 3.82 billion riyals, mainly driven by “both fresh and long-life dairy [segments] along with alfalfa sales”, with Egypt, Jordan and other export markets contributing to growth, it said in the bourse filing.
Revenue decreased in Saudi Arabia and GCC countries by 1 per cent and 3.1 per cent respectively, but increased in other markets by 41.5 per cent.
However, its full-year 2020 sales increased in Saudi Arabia, GCC countries and other export markets by 5.6 per cent, 1.1 per cent and 29.2 per cent, respectively.
“The current market conditions in Q4 are pointing towards a consolidation phase,” Almarai said.
The diary giant continues to pursue a “focused business strategy on top line growth driven by channel expansion, new product development, pricing rationalisation and new geographies, while also focusing on tight cost control”.
The positive free cash flow in 2020 is expected to continue its momentum in 2021 and “we expect to further strengthen our balance sheet with renewed focus on profitability and working capital management”, it added.
The quarterly selling and distribution expenses decreased 4.7 per cent to 30m riyals due to sales optimisation efforts. General and administration expenses increased 3.7 per cent, it said.
Impairments on financial assets rose by 9.8m riyals due to a detailed review of the company’s existing debt. Funding costs, however, declined by 20.9m riyals, largely due to lower debt and a lower funding rate, it added.
Almarai’s full year net income climbed 9.5 per cent to 1.98bn riyals on the back of a 7 per cent rise in revenue to 15.35bn riyals.
The company generated 4.2bn in cash from operating activities last year, down 11.2 per cent from 2019. The reduction of nearly 529m riyals was driven by a rise in inventory from 4.2bn riyals to 4.7bn riyals due to Almarai's “strategic purchases of raw material inventory in view of Covid-19".
Almarai’s investment activity in 2020 also declined by 73.2 per cent to 787.6m as it reduced capital expenditure. Investments represented only 5.1 per cent of total revenue compared to 20.5 per cent in the prior year, it said.
UAE currency: the story behind the money in your pockets
Muslim Council of Elders condemns terrorism on religious sites
The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.
It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.
“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.
The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
Biog
Mr Kandhari is legally authorised to conduct marriages in the gurdwara
He has officiated weddings of Sikhs and people of different faiths from Malaysia, Sri Lanka, Russia, the US and Canada
Father of two sons, grandfather of six
Plays golf once a week
Enjoys trying new holiday destinations with his wife and family
Walks for an hour every morning
Completed a Bachelor of Commerce degree in Loyola College, Chennai, India
2019 is a milestone because he completes 50 years in business
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
On sale: Now
Price: From Dh650,000
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The Land between Two Rivers: Writing in an Age of Refugees
Tom Sleigh, Graywolf Press
Honeymoonish
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AndhaDhun
Director: Sriram Raghavan
Producer: Matchbox Pictures, Viacom18
Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan
Rating: 3.5/5
Results
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi
6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.
6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.
7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.
8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.
Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
UAE currency: the story behind the money in your pockets
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
WHAT IS A BLACK HOLE?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
