Saudi Arabia's Almarai Company, the Gulf's largest dairy company by market value, said third-quarter profit rose 57.8 per cent on higher sales, beating analysts' forecasts.

Net profit in the three months to September 30 was SR293.7 million ($78.3 million) compared with SR186.2 million in the year-earlier period, Almarai said in a statement on the Saudi bourse website.

The profit increase was the result of "Almarai's ability to forecast growing consumer demand and further invest in its efficient production and distribution model," it said, adding that it benefited from higher volumes in summer sales.-Reuters