Savola Group, Saudi Arabia's largest food products firm by market value, said third-quarter profit rose 75.8 percent on higher sales and raised by more than 5 percent its profit forecast for 2009. Savola made a net profit of SR277.8 million ($74.1 million) in the three months to end-September compared with 158 million riyals a year earlier, it said in a statement. It said sales over the nine-month period to end-September rose 28 percent to 13.1 billion riyals against 8 billion riyals the firm reported for the first six months of this year. The firm said it expects to make a net profit of 190 million riyals during the fourth quarter and raised to 846 million riyals from a previous 800 million riyals its overall forecast for net profit for this year, excluding possible capital gains. Savola will offer shareholders a SR0.25 per share dividend for the third quarter of 2009, it added.
