Almarai, a KSA-based dairy company, reported a 35.8% rise in second-quarter net profit, according to local press reports.
The company’s profits increased to SR165.3 million (US $44.1 million) in the three months to June 30.
First-half net profits rose 35.7% to SR 288.3 million, led by a 29.5% increase in sales to more than SA1.71 billion, Almarai said in a statement.
In November, Almarai agreed to acquire two food companies, Western Bakeries and International Bakery Services Co, for SR709 million in stock, and it has since started to consolidate the earnings of the two companies. It is thought that a rise in sales at these companies helped boost Almarai’s overall sales. Almarai plans to invest SR4.7 billion through to 2011.
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