The firm made a net profit of SR307.9 million ($82 million) in the three months ending Sept. 30, compared with SR283 million in the same period a year earlier, the statement said. 

Analysts surveyed by Reuters expected the firm to post on average SR302 million in the third-quarter.

Savola also said it plans to issue a dividend of SR0.25 per share for the third quarter profits and still expects this year's profits, before capital gains, to reach SR1 billion. 

"The net profit increase for the third quarter compared to the third quarter a year earlier is mainly due to the continued growth in sales and market share in the food and retail sectors," Savola said in the statement. 

"The group expects to post a fourth quarter net profit, before capital gains, of SR296 million for the fourth quarter, which is in line with the firm's expectations for 2011 net profit of SR1 billion before capital gains," it said. 

Operational profit for the third quarter increased by 10.7 percent to SR471.8 million, compared with SR426.2 million in the same period a year earlier.