Almarai earnings surge on international sales

EARNINGS SURGE: Almarai said fourth quarter profit rose to $51.5 million on higher international sales.

Saudi Arabia's Almarai Company, the Gulf's largest dairy company by market value, said fourth-quarter profit surged 48.4% on higher international sales and after it bought two bakeries.

Net income in the three months to December 31 was 193.1 million riyals ($51.5 million), compared with 130.2 million riyals in the year-earlier period, Almarai said in a statement on the bourse website.

Analysts' forecasts for the fourth quarter ranged from 181 million riyals to 195 million riyals, according to a survey by newswire Reuters last month.

The company offered to give stockholders a dividend of 2.50 riyals for every share they hold.

Earnings per share for the whole year rose to 6.12 riyals compared with 4.65 riyals in 2006, the firm said. Annual revenue rose 37% to 3.77 billion riyals, it said. (Reuters)

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