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Saudi’s Almarai Q2 net profit up 22.41 percent, sales growth rises

Saudi Arabia’s Almarai reported a 22.41 percent increase in second-quarter net profit

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Saudi Arabia’s Almarai, the Gulf’s largest dairy company, reported a 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.

($1 = 3.7502 riyals)