8) Sales for the fourth quarter ended 31 December 2011 amounted to SAR 2,089.3 million, an increase of 16.1% compared to the same period last year (SAR 1,798.8 million).
9) Sales for the twelve months ended 31 December 2011 amounted to SAR 7,951.0 million, an increase of 14.7% compared to the same period last year (SAR 6,930.9 million).
10) Almarai has maintained its market shares and target growth rates for all key products, recording 14.7% growth for the year 2011 and 16.1% for the fourth quarter, compared with the same period last year. Almarais continuous growth can be attributed to diversification into new categories, successful product innovation and continuous improvements in quality and service. Consequently, Almarai profit growth recorded 1.1% for the year 2011 and 0.6% for the fourth quarter, with margins impacted by the increase in raw material costs.
Due to the seasonality in consumption of many products within Almarais portfolio, a comparison with the same period last year is a valid measurement of Almarais performance as opposed to a comparison with the preceding quarter.
Note that the results for the fourth quarter do not include any impairment of the investment in Zain. The fair value of the Zain equity investment has been significantly below cost for a prolonged period of time and Almarai management now consider the investment to be impaired. Accordingly, management is assessing the quantum of impairment and will recognize the impairment loss in its annual consolidated financial statements for the year ended 31 December 2011.
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