Almarai Q2 Net Profit Rises

Saudi-based dairy producer Almarai has posted a 19.5% rise in Q2 net profit of SAR343.1m ($91.5m) against SAR287.1m ($76m) a year earlier.

The firm, in which Savola Group holds a 29.9% stake, said its operating profits rose 15.6% during the quarter ended 30 June.

The company’s sales rose 20.2% to SAR1.74bn ($463m), an 11.5% rise from the first quarter of 2010.

Almarai’s second-quarter operating profit was up 15.6% at SAR387.7m ($103m).

The company’s first-half net profit was up 19.1% at SAR577.2m ($153m), operating profit increased by 14.1% to SAR665.8m ($177m) while its turnover climbed 18.9% to SAR3.3bn ($880m).