Saudi Arabian dairy company Almarai Co. has posted a 21.7% increase in net profit for the first quarter boosted by the company’s increased market share.

For the three months ended 31 March, consolidated net profit amounted to SAR197.4m (US$52.6m) from SAR162.2m a year earlier..

Turnover for the first quarter amounted to SAR1.33bn – an increase of 18.5% on the same period last year.

Operating net profit for the first quarter was also up, reaching SAR248.2m from SAR194.5m in the previous year.

Earnings per share (EPS) for three months was SAR1.81 in comparison to SAR1.49 in the same period last year.

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“These results are reflect the company’s ability to successfully implement its five-year plans to enhance productivity and Almarai’s market share, develop new products and upgrade its overall performance. The comparison is best made between the results of this quarter with the corresponding quarter last year since the demand and consumption patterns are similar,” the company said.