Almarai, the Gulf’s largest dairy company, reported an 18.6 per cent increase in second-quarter net profit on Sunday, beating analysts’ forecasts, showing the benefits of stronger sales and lower commodity prices.
But the company said it would continue to exercise caution due to competitive market conditions in Saudi Arabia, where a slump in oil prices has put pressure on government and consumer spending.
“Given the very competitive market conditions driven by the economic slowdown going forward, the company will continue to exercise caution on its cash-flow generation while focusing on its strategic targets and enhance overall efficiency,” it said in a statement.
Almarai made a profit of 628.8 million Saudi riyals in the three months to June 30, up from 530.4m riyals in the year-earlier period, it said in a statement.
Four analysts polled by Reuters had forecast on average that Almarai would make a quarterly profit of 530.3m riyals.
Almarai’s shares rose by 2.7 per cent in early trading.
The company’s sales increased by 10.3 per cent, with growth strongest in poultry, bakery, dairy and juice.
The company’s cost of sales rose at a lower rate than sales because low commodity prices, improvements in cost management and production savings helped to offset rises in fuel and electricity costs.
Almarai’s performance was also boosted by the timing of the Islamic holy month of Ramadan, when consumers usually increase purchases of food and drink products. This year, Ramadan took place predominantly during the second quarter, while last year there was a greater split between the second and third quarters.
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The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
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The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
RESULTS
1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar
BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
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SPECS
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
UAE currency: the story behind the money in your pockets
The Bio
Name: Lynn Davison
Profession: History teacher at Al Yasmina Academy, Abu Dhabi
Children: She has one son, Casey, 28
Hometown: Pontefract, West Yorkshire in the UK
Favourite book: The Alchemist by Paulo Coelho
Favourite Author: CJ Sansom
Favourite holiday destination: Bali
Favourite food: A Sunday roast
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Cricket World Cup League Two
Oman, UAE, Namibia
Al Amerat, Muscat
Results
Oman beat UAE by five wickets
UAE beat Namibia by eight runs
Fixtures
Wednesday January 8 –Oman v Namibia
Thursday January 9 – Oman v UAE
Saturday January 11 – UAE v Namibia
Sunday January 12 – Oman v Namibia
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What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
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Barbie
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SPECS
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