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Sales of listed food, agro firms up 2.4% to SR45.7bn in 2013

Sales of the listed food and agro firms grew by 2.4 percent to SR45.7 billion in 2013 compared to SR44.63 billion in 2012, local media said.
Earlier, a financial report said profits of food and agro industry sector grew by 14 percent to reach SR4.4 billion by the end of 2013 compared to SR3.9 billion in 2012.
The number of listed food and agro firms stands at 14 with their market capitalization at SR99.8 billion, or 5.3 percent of the Saudi market value. Capitals of the food sector reached SR16.2 billion.
Almarai Company topped the list of biggest food industry firms after having increased it profits by 4.3 percent to SR1.5 billion in 2013 compared to SR1.44 billion in the previous year. Its sales rose by 13.52 percent to SR11.22 billion compared to SR9.88 billion in 2012, the report said.
Meanwhile, sales of Savola Group dropped by 3.7 percent to SR26.36 billion in 2013 compared to SR27.39 billion in the previous year. However, the group’s profits rose by 21.54 percent to SR1.7 billion in 2013 compared to SR1.4 billion, according to the report.
The National Agro Development Company (NADEC) was the third biggest firm in terms of sales growth where its sales grew by 12 percent to SR1.93 billion compared to SR1.73 billion in the previous year. The company’s profits, likewise, increased by 4.7 percent to SR100.2 million compared to SR95.7 million in 2012.
The company attributed sales and profits growth to sales growth and decrease of zakat provisions despite the increase of some operational expenses due to its expansion.
Ranking the third biggest profit driver of the sector, Saudi Arabian Airlines Catering Company posted SR569 million in 2013 compared to SR487 million in 2012, or an increase of 16.8 percent. Sales of the company also rose by 17.3 percent to SR1.87 billion compared to SR1.59 billion, the report said.
On the other hand, profits of SADAFCO grew by 4 percent in the first nine months of the year to hit SR118.2 million compared to SR113.7 million in the same period last year.
Halawani Brothers has its sales increased by 7.4 percent to SR958 million compared to SR892 million in the previous year whereas its net profits grew by 6.3 percent to SR92.5 million compared to SR8 million, the report said.
Sales of Herfy Company also jumped to SR849 million in 2013 compared to SR842 million in 2012, or an increase of 0.79 percent, which pushed up its profits to SR191 million compared to SR181 million, or an increase of 5.66 percent, the report said.
Key losers of the food industry sector were Saudi Fishery Company, which incurred losses worth SR48.9 million whereas losses of Sharqiyah Development Company, Anaam Holding, and Tabuk stood at SR5.75 million, SR32.5 million, and SR14.83 million, respectively, the report said.