Saudi Savola Group posted a 31.6 per cent rise in its third-quarter net profit on the back of higher sales and market share, it said in a bourse statement on Tuesday, comfortably beating analyst forecasts.

The firm, which owns the Middle East's biggest sugar refining business, made SR405 million ($108 million) in the three months ending September 30 compared with SR308 million in the same period a year earlier.

The company added it would distribute a quarterly dividend of SR150 million or 0.30 riyals a share, in November.

Savola said in a statement in July that it expects to make a net income of SR340 million before capital gains, for the third quarter.

Six analysts polled by Reuters expected the firm to post a net profit of, on average, SR322 million.-Reuters