Almarai re-elects Prince Naif bin Sultan as Chairman

SAUDI ARABIA – Almarai, a dairy giant manufacturer, has re-elected Prince Naif bin Sultan bin Mohammed bin Saud Al Kabeer as its board chairman, with Sulaiman Al Muhaidib as vice chairman.

Prince Naif, who has served as Chairman since 2020, is widely recognized for steering Almarai’s transformation into a global dairy powerhouse.

Under his guidance, the company has expanded its footprint across nine countries on five continents and grown its portfolio to over 670 products.

Prince Naif bin Sultan has been chairing the boards of multiple high-profile companies for over 25 years, including Zain, Arabian Shield Insurance, Sultan Holding, International Manufacturing Industries, International Chemical Industries, and 70 Investment.

Meanwhile, Al Muhaideb is the Chairman of the Al Muhaidib Group and holds other key positions, including chairman of Savola and Rafal Real Estate Development.

The company also appointed a board secretary, along with representatives to the Capital Market Authority (CMA) and the Saudi Exchange (Tadawul).

A new audit committee was formed and will be announced separately in accordance with disclosure requirements.

Almarai reports 4% increase in Q4 profit amid higher sales

The news comes after the company reported a robust increase of more than 4% in its net profit for the fourth quarter of 2023, reaching 370.72 million Saudi riyals (US$98.85 million).

According to the company, the surge was primarily driven by higher revenue, notably in the poultry and dairy segments.

The company, listed on the Saudi stock exchange Tadawul, revealed that the net profit boost was supported by a 5% rise in operating profit.

This was attributed to sustained revenue growth, stabilized commodity costs, and effective management of operating expenses.

Almarai highlighted the positive impact of its 100% acquisition of the Egypt and Jordan business in the previous year.

Despite higher funding costs, synergies from the acquisition contributed to the overall profit increase.

In the fourth quarter, Almarai’s revenue grew by approximately 2%, totaling 4.92 billion riyals annually. The company performed well in its core GCC markets, with Saudi Arabia leading the positive trend.

However, challenges such as lower commodity sales in North America and reduced contributions from Egypt due to currency devaluation affected overall revenue growth.

For the entire fiscal year 2023, Almarai’s net profit marked an impressive annual increase of over 16%, reaching 2.05 billion riyals.

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