Food sector profits in Saudi Arabia grew by 85.19% during the first quarter of 2020

Food sector profits in Saudi Arabia grew by 85.19% during the first quarter of 2020, an increase of 274.19 million riyals over the first quarter of last year.

11 food production companies listed on the Saudi stock market «Tadawul» achieved profits amounting to 596.05 million riyals in the first quarter of this year, compared to 215.09 million riyals in the previous quarter (the fourth quarter of 2019).

Food production companies recorded net profit growth during the first quarter of 2020 on an annual basis and compared to the previous quarter, and the sector’s profits grew by 85.19% during the first quarter, an increase of 274.19 million riyals over the first quarter of last year.

The net profit of 11 companies amounted to 596.05 million riyals in the first quarter of this year, compared to 321.86 million riyals in the first quarter of 2019.

With regard to the level of revenues of food production companies, it recorded an increase of 11.5% compared to the first quarter of 2019, and an increase of 1.1 billion riyals. The companies ’total revenues reached 10.68 billion riyals in the first quarter of 2020, compared to 9.57 billion riyals in the first quarter of last year. On a quarterly basis, the revenue of the food production companies in the Kingdom increased 5.87% during the first 3 months of 2020 on an annual basis, compared to the sales of the last quarter of last year of 10.08 billion riyals.

Source: mubasher