DUBAI: Saudi Arabia's Almarai, the Gulf's largest dairy company, reported an 22.41 percent increase in second-quarter net profit on Sunday.

Almarai made a profit of SR530.4 million ($141.43 million)in the three months to June 30, up from SR433.3 million in the year-earlier period, according to a bourse statement.

Second-quarter sales growth of 11 percent and a SR442.9 million gain from an insurance claim related to an earlier bakery fire helped lift results.

The dairy firm in May said its board approved a capital investment plan which will reach SR21 bilion ($5.6 billion) in the next five years.