Saudi Arabia's Almarai Co., the largest dairy company in the Gulf Arab region by market value, posted a 42.3 percent rise in second-quarter net profit on higher sales as it expands its business regionally. The company made a net profit of SR235.2 million ($62.7 million) in the three months to June 30, up from SR165.3 million in the year-earlier period, topping two forecasts in a Reuters net profit survey last month. The forecasts were for quarterly profit of SR164.3 million and SR210 million. “These positive results are due to the success of the company's investment plans to achieve continuing growth in sales and net profits, and at diversifying its sources of revenue,” Almarai said in the statement on the bourse website. Almarai, which has been diversifying its revenue sources through acquisitions, said it would raise its investment budget to SR6 billion for the five years to 2013. The firm previously said it would spend SR4.7 billion during the five years to the end of 2011 to develop its foodstuff business across the Gulf Arab region. Last year, Almarai began consolidating the earnings of two 2006 acquisitions, Western Bakeries and International Bakery Services Co. __
