Almarai Company (2280) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 11% YoY to SAR 6,187.398M; operating profit increased 3% to SAR 778.576M and net profit attributable to shareholders rose 1% to SAR 617.789M.

• Nine-month revenue grew 10% to SAR 18,215.656M, while net profit was nearly flat at SAR 1,985.668M, down 0.3%.

• Growth was broad across segments, geographies, and channels; elevated feed, energy, logistics, and poultry ramp-up costs constrained profit growth.

Financial highlights

• Q3 gross profit rose 5% to SAR 1,837.033M; gross, operating, and net profit margins declined to 29.7%, 12.6%, and 10.0%, respectively.

• Nine-month gross profit grew 6% to SAR 5,526.835M and operating profit rose 1% to SAR 2,467.260M; EPS remained SAR 2.01.

• Q3 net income bridge: pricing added SAR 191M and volume, mix, and other factors SAR 31M; higher COGS, OpEx, and funding/other items reduced earnings by SAR 132M, SAR 68M, and SAR 17M.

• Nine-month net income was affected by higher COGS and OpEx and the non-recurrence of a SAR 44M prior-year Romania impairment reversal.

Outlook and guidance

• FY CapEx target remains below SAR 4B; investment as a share of revenue is expected to decline over the next 2–3 years.

• EBITDA and operating cash flow are expected to grow SAR 300M–SAR 400M annually; normalization of shipping costs would be incremental.

• Long-term profitability target is 14%–15%, with recovery expected over the next 1–2 years as conflict-related impacts ease; efficiency measures and pricing remain options.

• New categories planned for 2027 include beef and seafood; capacity utilization and launches are expected to support growth and returns.