Saudi Arabia's Almarai, the Gulf's largest dairy company, reported an 18.6 per cent increase in second-quarter net profit on Sunday, beating analysts' forecasts.

Almarai made a profit of SR628.8 million ($167.7 million) in the three months to June 30, up from SR530.4 million ($141.3 million) in the year-earlier period, according to a bourse statement.

Four analysts polled by Reuters had forecast on average that Almarai would make a quarterly profit of SR530.3 million.-Reuters