By Souhail Karam
Gulf's biggest dairy firm by market value posts better-than-expected rise in profit.
Saudi-based Almarai Co, the Gulf's biggest dairy firm by market value, posted a better-than-expected 19.5 percent rise in second-quarter net profit, beating forecasts, after it raised its market share.
The firm, in which Savola Group holds a 29.9 percent stake, made 343.1 million riyals ($91.5 million) in the three months to end-June against 287.1 million riyals a year earlier, it said in a statement on the Saudi bourse website on Saturday.
The company's results beat two analysts' forecasts in a Reuters survey earlier in July.
Operating profit rose 15.6 percent during the second quarter while sales rose 20.2 percent from their level a year earlier to 1.74 billion riyals, which also marks an 11.5-percent rise from the first quarter of 2010. (Reuters)