JEDDAH: Saudi Arabian dairy company Almarai said its second-quarter net profit rose 4.9 percent to SR 398.2 million ($ 106.2 million), narrowly missing analyst forecasts.

The company, the largest dairy producer in the Gulf, attributed the rise in net income to continued growth in its core business, which also includes juice and bakery products.

Nine analysts polled by Reuters had forecast on average that Almarai would record net profit of SR 403 million in the quarter.