Saudi Equity Research - Almarai Company 2Q26 - First Look Note
Almarai Company net profit declined 1.7% YOY to SAR 636 Mn in 2Q26, in line with our estimate of SAR 640 Mn. The decline in net profit was primarily driven by higher cost of sales, reflecting increased dairy feed shipping costs, elevated operating expenses due to increased energy, logistics, and protein ramp-up costs, higher net finance costs, increase in S&D and G&A expenses and higher income tax expenses.