Savola Group has increased its stake in Al Marai Dairy Company to 29%, according to Saudi press reports.

The Saudi Economic Survey reported that the stake had been acquired for SR500m (US$133m).

It cited the group’s managing director Dr. Sami Baroum who said that the company had exited its investment portfolio, generating a liquidity of SR310m.

The report added that Savola Group’s operational profit jumped 40% to SR279m in the first quarter over the same period last year. Net profit during the period rose to SR616m from SR482m a year earlier.