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
This followed a challenging year for Almarai amid rising COVID-19 repercussions and supply chain disruptions as well as VAT-related changes in purchases.
Saputo’s newly-appointed chief operations officer Frank Guido is to step down for unstated personal reasons, the dairy giant has announced.
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