Riyadh, January 24, 2022: 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 million) 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 structural reforms of subsidy reduction according to the reports published in arabnews.com.
This followed a challenging year for Almarai amid rising COVID-19 repercussions and supply chain disruptions as well as VAT-related changes in purchases.
