Saudi dairy group Almarai has posted a 1.2% rise in net profits in its third quarter results.

The company, which produces milk, yoghurts, juices, snacks and baked goods, generated a net profit of SAR429.7m (US$114.5m) for the three months ending 30 September, an increase of 23% compared to the second quarter.

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Gross profit was SAR871.3m, an increase of 9.4% compared to the same period last year, and operating profit was SAR477m, an increase of 0.5%.

The net profit for the first nine months was SAR 1.01bn, an increase of 1.3% compared to the same period in 2010.

In June news reports said that Almarai had plans to spend SAR4bn on expanding its poultry business.

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