RIYADH: Saudi-based Almarai Co. saw its shares fall by 1.73 percent at the closing bell of Sunday, hitting SR51 ($13.6) per share.
The dairy giant earlier today announced strong results as it recorded an 8.4 percent increase in profit for the first half of 2022, primarily due to a recovery from pandemic challenges.
Almarai’s net profit increased to SR940 million, from SR867 million in the same period last year, according to a bourse statement.
The result was driven by a 19 percent revenue growth following the lifting of COVID-19 movement restrictions, new education institutions opening, and an increase in visitor numbers.