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Dairy firm Almarai sees 8.7% profit rise

Saudi dairy and food producer Almarai Co has reported an 8.7% year-on-year rise in its second quarter net profit, Reuters has reported. The Gulf's largest dairy firm made SR379.5m ($101.2m) in the three months ending June 30, compared with SR349.3m in the same period a year earlier. The rise was due to increased sales in all sectors as well as fully consolidating International Dairy & Juice Ltd, in which Almarai now holds a majority stake. "Sales have increased by SR164.6m as a result of this first time consolidation," it said. Operational profit for the second quarter increased by 7% to SR434.6m, compared with SR405.8m in the same period a year earlier.