Saudi dairy giant Almarai posts 21% profit drop


Saudi-based dairy giant Almarai has recorded a 21 percent decline in profit in 2021 as pandemic and value-added tax, VAT, weighed on revenues.

Net profit dropped from SR1.98 billion ($529 mil-lion) to SR1.56 billion on an annual basis, a bourse statement by the dairy giant revealed.

Its gross profit was down 8.6 percent due to struc-tural reforms of subsidy reduction. —AN

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