Riyadh, April 11 - Saudi Arabia's Almarai Co , the Gulf's largest dairy firm by market value, said its net profit rose by almost 22 percent in the first quarter after it increased its market share.
Almarai made 197.4 million riyals ($52.6 million) in the three months to March 31, up from 162.2 million riyals a year earlier, the firm said in a statement posted on the bourse website.
The net profit figure came within a band of forecasts by two brokerage firms which ranged from 195 million riyals to 293.4 million riyals, according to a Reuters survey last month.
Almarai has diversified its revenue sources through acquisitions and said it plans to spend 6 billion riyals in the five years to 2013. The firm said in the third quarter it had acquired two juice and dairy companies in Egypt and Jordan.
Last year, Almarai began consolidating the earnings from its 2006 acquisition of Western Bakeries and International Bakery Services Co. It paid 709 million riyals in stock for the companies.
The Savola Group owns about 28 percent of Almarai.