Financial Results : Almarai’s Q1 2026 profit marginally up at SAR 732.2M

Almarai’s Q1 2026 profit marginally up at SAR 732.2M

05/04/2026 Argaam Exclusive

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Almarai Co. reported a net profit of SAR 732.2 million in the first quarter of 2026, compared to SAR 731.2 million in the prior-year period.

Revenues increased by 7% year-on-year (YoY) in the first quarter, driven by improved Ramadan performance and strong sales volume growth across most markets, product categories and sales channels, led by dairy and poultry.

 

The dairy & juice segment reported higher sales in most markets, supported by improved Ramadan performance, especially in fresh dairy. The bakery segment’s net profit rose due to an improved revenue mix, while the protein segment’s net earnings fell due to poultry market supply conditions.



Current Quarter Comparison (M)

Compared With The
Item Q1 2025 Q1 2026 Change‬
Revenues 5,767.09 6,160.05 6.8 %
Gross Income 1,768.66 1,865.91 5.5 %
Operating Income 874.14 901.34 3.1 %
Net Income 731.19 732.22 0.1 %
Average Shares 1,000.00 1,000.00 -
Earnings Per Share before unusual items (Riyal) 0.73 0.73 0.1 %
EPS (Riyal) 0.73 0.73 0.1 %

Compared to the previous quarter, the dairy producer’s net earnings surged 57.5% from SAR 464.79 million in Q4 2024. Almarai reported a 13% sequential rise in topline, supported by higher sales volumes and a stronger revenue mix, reflecting stronger Ramadan performance and seasonal consumption patterns.

 

Total shareholders’ equity, excluding minority interest, increased to SAR 21.11 billion as of March 31, 2026, from SAR 19.70 billion a year earlier.

 

Attached Documents

 



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2017 3,383.53 0.3 % 1,177.43 4.4 % 466.89 21.8 %
Q2 2017 3,760.36 (4.2 %) 1,554.93 2.2 % 833.09 8.1 %
Q3 2017 3,372.92 (4.5 %) 1,516.00 2.1 % 834.11 11.9 %
Q4 2017 3,418.73 (2.6 %) 1,335.27 (3.8 %) 709.16 0.0 %
Q1 2018 3,232.21 (4.5 %) 1,254.43 6.5 % 563.11 20.6 %
Q2 2018 3,672.33 (2.3 %) 1,448.45 (6.8 %) 791.74 (5.0 %)
Q3 2018 3,317.36 (1.6 %) 1,399.20 (7.7 %) 780.43 (6.4 %)
Q4 2018 3,381.18 (1.1 %) 1,262.94 (5.4 %) 629.06 (11.3 %)
Q1 2019 3,308.89 2.4 % 1,163.91 (7.2 %) 504.61 (10.4 %)
Q2 2019 3,767.42 2.6 % 1,466.22 1.2 % 780.48 (1.4 %)
Q3 2019 3,573.26 7.7 % 1,443.77 3.2 % 770.15 (1.3 %)
Q4 2019 3,703.94 9.5 % 1,293.51 2.4 % 533.32 (15.2 %)
Q1 2020 3,592.44 8.6 % 1,253.19 7.7 % 513.26 1.7 %
Q2 2020 4,081.84 8.3 % 1,535.19 4.7 % 790.40 1.3 %
Q3 2020 3,863.08 8.1 % 1,514.70 4.9 % 789.70 2.5 %
Q4 2020 3,819.59 3.1 % 1,232.43 (4.7 %) 507.41 (4.9 %)
Q1 2021 3,645.01 1.5 % 1,235.11 (1.4 %) 533.57 4.0 %
Q2 2021 4,005.57 (1.9 %) 1,355.74 (11.7 %) 621.55 (21.4 %)
Q3 2021 3,941.73 2.0 % 1,275.71 (15.8 %) 537.89 (31.9 %)
Q4 2021 4,257.41 11.5 % 1,192.71 (3.2 %) 407.41 (19.7 %)
Q1 2022 4,503.46 23.6 % 1,331.92 7.8 % 569.54 6.7 %
Q2 2022 4,610.45 15.1 % 1,469.61 8.4 % 680.00 9.4 %
Q3 2022 4,769.12 21.0 % 1,488.72 16.7 % 678.98 26.2 %
Q4 2022 4,839.23 13.7 % 1,333.99 11.8 % 501.18 23.0 %
Q1 2023 5,066.56 12.5 % 1,617.85 21.5 % 815.86 43.2 %
Q2 2023 4,792.35 3.9 % 1,567.08 6.6 % 757.30 11.4 %
Q3 2023 4,796.93 0.6 % 1,469.45 (1.3 %) 646.71 (4.8 %)
Q4 2023 4,919.74 1.7 % 1,396.91 4.7 % 538.48 7.4 %
Q1 2024 5,458.64 7.7 % 1,708.46 5.6 % 869.38 6.6 %
Q2 2024 5,154.62 7.6 % 1,702.34 8.6 % 832.78 10.0 %
Q3 2024 5,208.92 8.6 % 1,669.90 13.6 % 772.05 19.4 %
Q4 2024 5,157.33 4.8 % 1,583.36 13.3 % 584.31 8.5 %
Q1 2025 5,767.09 5.7 % 1,768.66 3.5 % 874.14 0.5 %
Q2 2025 5,288.40 2.6 % 1,713.18 0.6 % 801.25 (3.8 %)
Q3 2025 5,552.60 6.6 % 1,747.36 4.6 % 787.70 2.0 %
Q4 2025 5,456.79 5.8 % 1,658.62 4.8 % 615.61 5.4 %
Q1 2026 6,160.05 6.8 % 1,865.91 5.5 % 901.34 3.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2017 328.27 13.7 % 0.33 - 328.27 0.33
Q2 2017 674.11 2.4 % 0.67 - 674.11 0.67
Q3 2017 667.01 0.4 % 0.67 - 667.01 0.67
Q4 2017 512.89 (4.4 %) 0.51 - 512.89 0.51
Q1 2018 344.87 5.1 % 0.34 - 344.87 0.34
Q2 2018 661.39 (1.9 %) 0.66 - 661.39 0.66
Q3 2018 634.96 (4.8 %) 0.63 - 634.96 0.63
Q4 2018 370.77 (27.7 %) 0.37 (100.70) 471.47 0.47
Q1 2019 336.03 (2.6 %) 0.34 - 336.03 0.34
Q2 2019 582.53 (11.9 %) 0.58 - 582.53 0.58
Q3 2019 581.25 (8.5 %) 0.58 - 581.25 0.58
Q4 2019 311.95 (15.9 %) 0.31 - 311.95 0.31
Q1 2020 383.01 14.0 % 0.38 - 383.01 0.38
Q2 2020 643.93 10.5 % 0.64 - 643.93 0.64
Q3 2020 621.52 6.9 % 0.62 - 621.52 0.62
Q4 2020 335.90 7.7 % 0.34 20.85 315.06 0.32
Q1 2021 385.95 0.8 % 0.39 - 385.95 0.39
Q2 2021 481.98 (25.2 %) 0.48 - 481.98 0.48
Q3 2021 409.09 (34.2 %) 0.41 - 409.09 0.41
Q4 2021 286.53 (14.7 %) 0.29 - 286.53 0.29
Q1 2022 420.46 8.9 % 0.42 - 420.46 0.42
Q2 2022 520.36 8.0 % 0.52 - 520.36 0.52
Q3 2022 463.17 13.2 % 0.46 (82.92) 546.09 0.55
Q4 2022 355.82 24.2 % 0.36 - 355.82 0.36
Q1 2023 635.06 51.0 % 0.64 - 635.06 0.64
Q2 2023 557.08 7.1 % 0.56 - 557.08 0.56
Q3 2023 486.26 5.0 % 0.49 - 486.26 0.49
Q4 2023 370.72 4.2 % 0.37 - 370.72 0.37
Q1 2024 692.23 9.0 % 0.69 - 692.23 0.69
Q2 2024 619.69 11.2 % 0.62 - 619.69 0.62
Q3 2024 570.45 17.3 % 0.57 - 570.45 0.57
Q4 2024 430.73 16.2 % 0.43 - 430.73 0.43
Q1 2025 731.19 5.6 % 0.73 - 731.19 0.73
Q2 2025 646.87 4.4 % 0.65 43.60 603.27 0.60
Q3 2025 613.24 7.5 % 0.61 - 613.24 0.61
Q4 2025 464.79 7.9 % 0.46 31.82 432.97 0.43
Q1 2026 732.22 0.1 % 0.73 - 732.22 0.73

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2017 38.84 % 31.68 % 15.27 %
Q2 2017 39.53 % 32.67 % 15.56 %
Q3 2017 40.19 % 34.21 % 15.93 %
Q4 2017 40.07 % 34.18 % 15.66 %
Q1 2018 41.07 % 35.75 % 15.95 %
Q2 2018 40.55 % 36.32 % 15.96 %
Q3 2018 39.86 % 36.36 % 15.79 %
Q4 2018 39.44 % 36.05 % 15.53 %
Q1 2019 38.56 % 35.36 % 15.38 %
Q2 2019 38.42 % 34.75 % 14.70 %
Q3 2019 38.04 % 33.87 % 14.05 %
Q4 2019 37.39 % 33.18 % 12.62 %
Q1 2020 37.28 % 32.63 % 12.70 %
Q2 2020 36.96 % 32.11 % 12.84 %
Q3 2020 36.72 % 31.84 % 12.86 %
Q4 2020 36.05 % 30.84 % 12.79 %
Q1 2021 35.81 % 31.08 % 12.76 %
Q2 2021 34.81 % 30.08 % 11.77 %
Q3 2021 33.08 % 28.17 % 10.33 %
Q4 2021 31.92 % 26.91 % 9.86 %
Q1 2022 30.86 % 25.81 % 9.56 %
Q2 2022 30.44 % 25.38 % 9.45 %
Q3 2022 30.23 % 25.12 % 9.78 %
Q4 2022 30.04 % 25.87 % 9.84 %
Q1 2023 30.65 % 26.64 % 10.67 %
Q2 2023 30.86 % 26.93 % 10.76 %
Q3 2023 30.72 % 26.92 % 10.43 %
Q4 2023 30.91 % 26.67 % 10.47 %
Q1 2024 30.76 % 26.08 % 10.55 %
Q2 2024 30.88 % 26.10 % 10.67 %
Q3 2024 31.23 % 26.21 % 10.86 %
Q4 2024 31.76 % 26.21 % 11.03 %
Q1 2025 31.59 % 26.06 % 11.05 %
Q2 2025 31.44 % 25.86 % 10.90 %
Q3 2025 31.30 % 25.53 % 10.93 %
Q4 2025 31.22 % 25.30 % 10.79 %
2025 31.22 % 25.28 % 10.79 %
Q1 2026 31.10 % 25.12 % 10.61 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2017 1,000.00 2.19 2.19 11.01
Q2 2017 1,000.00 2.20 2.21 11.66
Q3 2017 1,000.00 2.21 2.23 12.26
Q4 2017 1,000.00 2.18 2.18 12.78
Q1 2018 1,000.00 2.20 2.20 13.11
Q2 2018 1,000.00 2.19 2.19 12.87
Q3 2018 1,000.00 2.15 2.15 13.39
Q4 2018 1,000.00 2.01 2.11 13.88
Q1 2019 1,000.00 2.00 2.10 14.24
Q2 2019 1,000.00 1.92 2.02 14.00
Q3 2019 1,000.00 1.87 1.97 14.58
Q4 2019 1,000.00 1.81 1.81 14.65
Q1 2020 1,000.00 1.86 1.86 14.72
Q2 2020 1,000.00 1.92 1.92 14.60
Q3 2020 1,000.00 1.96 1.96 15.33
Q4 2020 1,000.00 1.98 1.96 15.69
Q1 2021 1,000.00 1.99 1.97 16.07
Q2 2021 1,000.00 1.83 1.80 15.46
Q3 2021 1,000.00 1.61 1.59 15.86
Q4 2021 1,000.00 1.56 1.56 16.12
Q1 2022 1,000.00 1.60 1.60 16.32
Q2 2022 1,000.00 1.64 1.64 15.84
Q3 2022 1,000.00 1.69 1.77 16.27
Q4 2022 1,000.00 1.76 1.84 16.67
Q1 2023 1,000.00 1.97 2.06 17.24
Q2 2023 1,000.00 2.01 2.09 16.82
Q3 2023 1,000.00 2.03 2.03 17.49
Q4 2023 1,000.00 2.05 2.05 17.80
Q1 2024 1,000.00 2.11 2.11 18.34
Q2 2024 1,000.00 2.17 2.17 17.95
Q3 2024 1,000.00 2.25 2.25 18.56
Q4 2024 1,000.00 2.31 2.31 18.79
Q1 2025 1,000.00 2.35 2.35 19.70
Q2 2025 1,000.00 2.38 2.34 19.36
Q3 2025 1,000.00 2.42 2.38 20.04
Q4 2025 1,000.00 2.46 2.38 20.53
Q1 2026 1,000.00 2.46 2.38 21.12

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2017 25.80 25.76 5.13
Q2 2017 35.02 34.97 6.62
Q3 2017 25.87 25.54 4.65
Q4 2017 24.63 24.63 4.20
Q1 2018 25.19 25.19 4.22
Q2 2018 27.63 27.63 4.69
Q3 2018 23.17 23.17 3.73
Q4 2018 23.86 22.72 3.46
Q1 2019 27.46 26.14 3.86
Q2 2019 27.80 26.42 3.82
Q3 2019 26.60 25.24 3.41
Q4 2019 27.32 27.32 3.38
Q1 2020 25.29 25.29 3.19
Q2 2020 26.98 26.98 3.55
Q3 2020 26.98 26.98 3.45
Q4 2020 27.67 27.96 3.50
Q1 2021 26.17 26.44 3.24
Q2 2021 34.73 35.13 4.10
Q3 2021 35.96 36.43 3.66
Q4 2021 31.18 31.18 3.02
Q1 2022 32.04 32.04 3.14
Q2 2022 32.02 32.02 3.31
Q3 2022 31.47 30.00 3.27
Q4 2022 30.40 29.03 3.21
Q1 2023 28.57 27.41 3.27
Q2 2023 30.18 28.99 3.61
Q3 2023 31.26 31.26 3.64
Q4 2023 27.23 27.23 3.14
Q1 2024 27.35 27.35 3.14
Q2 2024 25.82 25.82 3.12
Q3 2024 24.50 24.50 2.97
Q4 2024 24.73 24.73 3.04
Q1 2025 23.64 23.64 2.82
Q2 2025 21.31 21.71 2.62
Q3 2025 20.77 21.15 2.51
Q4 2025 17.61 18.17 2.11
Q1 2026 17.87 18.43 2.08

Business Segments (Million)

Compared With The
Period Dairy & Juice Protein Bakeries Productions Other Arable and Horticulture
Q1 2017 2,494.13 356.37 468.91 64.13 -
Q2 2017 2,920.95 387.41 434.61 17.39 -
Q3 2017 2,570.11 328.31 436.67 37.83 -
Q4 2017 2,525.29 391.54 466.90 35.00 -
Q1 2018 2,356.95 420.64 405.47 49.15 -
Q3 2018 2,405.25 453.37 411.60 47.14 -
Q4 2018 2,404.97 491.69 446.89 37.63 -
Q1 2019 2,333.97 499.50 421.07 54.35 -
Q2 2019 2,782.58 527.14 394.60 60.88 -
Q3 2019 2,552.86 488.96 454.50 76.94 -
Q4 2019 2,540.58 608.99 479.13 75.24 -
Q1 2020 2,520.12 558.39 432.81 81.12 -
Q2 2020 2,966.24 614.62 424.22 76.77 -
Q3 2020 2,770.35 524.75 419.21 148.77 -
Q4 2020 2,666.97 595.02 435.72 121.87 -
Q1 2021 2,581.48 551.84 391.09 120.61 -
Q2 2021 2,895.63 566.18 400.92 142.84 -
Q3 2021 2,720.65 541.62 467.39 212.07 -
Q4 2021 2,943.57 641.81 529.47 142.55 -
Q1 2022 3,116.25 659.47 571.28 156.47 -
Q2 2022 3,136.00 736.35 567.52 170.58 -
Q3 2022 3,138.72 775.78 615.90 238.71 -
Q4 2022 3,113.15 841.84 684.60 199.65 -
Q1 2023 3,448.79 848.03 622.06 147.69 -
Q2 2023 3,178.75 849.41 620.99 143.20 -
Q3 2023 3,144.71 876.02 640.78 135.43 -
Q4 2023 3,130.31 944.88 700.63 143.91 -
Q1 2024 3,792.20 921.28 624.38 120.78 -
Q2 2024 3,419.52 969.40 645.87 119.82 -
Q3 2024 3,484.40 928.54 661.88 134.10 -
Q4 2024 3,311.23 974.99 729.44 141.67 -
Q1 2025 4,018.41 1,016.10 632.63 99.95 -
Q2 2025 3,515.36 970.01 694.82 108.21 -
Q3 2025 3,655.39 955.31 702.48 239.41 -
Q4 2025 3,443.68 1,021.93 759.41 231.77 -
Q1 2026 4,178.59 1,100.86 661.69 218.91 -

Analysts Estimates (Million)

Item Profit (Expected) Profit (Actual) Change
Average 707.00 732.22

Estimates vs Actual (Million)

Item Profit (Expected) Profit (Actual) Change‬
SNB Capital 753.00 732.22
United Securities Company 661.00 732.22

Current
Market Cap (M Riyal) 43,640.04
Enterprise Value (EV) (M Riyal) 55,621.62
Shares Outstanding ((M)) 1,000.00
EPS ( Riyal) (TTM) 2.46
Book Value (BV) ( Riyal) 21.12
Par Value ( Riyal) 10.00
Recurring P/E 18.32
P/E (TTM) 17.76
Price/book 2.07
Return on Average Assets (%) (TTM) 6.2
Return on Average Equity (%) (TTM) 12.0
EV/adj EBITDA 9.86
EV/Revenues 2.48

Share Price

43.76
0.22 0.51 %

Almarai Co. (ALMARAI)


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