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Sat 10 Jul 2010 02:12 PM

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Saudi Almarai Q2 net profit rises 19.5%

Gulf's biggest dairy firm by market value posts better-than-expected rise in profit.

Saudi Almarai Q2 net profit rises 19.5%
(Getty Images)

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)

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