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Sun 5 Jul 2015 12:35 PM

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Saudi's Almarai Q2 net profit up 22.41%

Gulf's largest dairy company made a profit of $141m in the three months to June 30

Saudi's Almarai Q2 net profit up 22.41%

Saudi Arabia's Almarai, the Gulf's largest dairy company, reported an 22.41 percent increase in second-quarter net profit on Sunday.

Almarai made a profit of 530.4 million riyals ($141.43 million) in the three months to June 30, up from 433.3 million riyals in the year-earlier period, according to a bourse statement.

Second-quarter sales growth of 11 percent and a 442.9 million riyals gain from an insurance claim related to an earlier bakery fire helped lift results.

The dairy firm in May said its board approved a capital investment plan which will reach 21 bilion riyals ($5.6 billion) in the next five years.

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