Saudi Arabia-based dairy and poultry company Almarai has experienced a 4.5% drop in revenue for its third-quarter results impacted by “tough” market conditions.
Revenue was down 4.5% to SAR 3.37 billion ($899 million) compared to SAR 3.53 billion ($941 million) in the same quarter of 2016.
The company has also said that an environment of lower exports, subdued consumer sentiment, higher operating costs and the impact from the devaluation of the Egyptian pound have aided the revenue drop.
The firm has warned it will remain cautious for the rest of the year due to adverse market conditions.
However, Almarai did see an increase of 2.1% in gross profit for its third quarter compared to the corresponding period last year.
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