ALAMAR Profits Fall 38% to SAR 35 Million by End-2024

Alamar Foods Co. announced on Tuesday that its net profit declined to SAR 35 million by the end of 2024, compared to SAR 57 million in 2023, a 38% decrease. This came after the announcement today of the preliminary financial results for the duration ending December 31, 2024.

The operational profit decreased by 37% to SAR 52 million by the end of 2024, compared to SAR 82 million in 2023.

The shareholders’ equity (excluding non-controlling interests) for the current year decreased by 7% to SAR 297 million, compared to SAR 320 million in 2023.

The profits per share for the current year amounted to SAR 1.52, compared to SAR 2.29 in 2023.

The Company stated in a statement today on Tadawul that sales declined due to geopolitical tensions in the region, in addition to the impact of the currency devaluation in Egypt. Our targeted marketing initiatives and ongoing measures to improve the customer experience had a positive impact in partially mitigating this impact.

The Company added that sales accelerated significantly in the fourth quarter of 2024, resulting in strong growth compared to the same duration last year. This strong performance represents a clear upward trajectory, reflecting not only improved market conditions but also the effectiveness of our strategic initiatives. The continued positive trajectory reinforces confidence in the business’s recovery path and underscores the strong potential for future growth.