JEDDAH: Almarai reported a marginal rise in fourth-quarter net profit as higher sales were offset by the non-recurrence of a one-off gain.

Net earnings in the three months to Dec. 31 were SR373.3 million ($99.5 million), 1.2 percent higher than the SR369 million posted in the same period a year earlier, it said in a bourse statement.

Almarai's performance in the fourth quarter was boosted by a 13.7 percent advance in sales year-on-year, with its dairy and juices, poultry and bakery businesses posting strong growth, the company said.

However, its profit increase was tempered by the fact it had posted a one-off gain of SR47.2 million in the fourth quarter of 2012 from a land sale. Profit for the full-year 2013 was up 4.3 percent on the previous year at SR1.5 billion.

On an annual basis, the benefit to earnings of a 13.5 percent increase in sales was offset by "increasing depreciation and funding costs as a result of the investment program," the statement added.

Almarai said last month that its board was recommending a SR1 per share cash dividend for 2013, down from the SR1.25 per share paid out for the previous year.