JEDDAH: Saudi Arabia’s Almarai, the Gulf’s largest dairy company, reported a 10.3 percent rise in third-quarter net profit that was slightly below estimates despite increased sales.

Almarai made a profit of 595.1 million ($158.7 million) in the three months to Sept. 30, up from SR539.4 million in the year-earlier period, according to a bourse statement.

Six analysts polled by Reuters had forecast on average that Almarai would make a quarterly profit of SR602.9 million.

The company, which sold an SR1.6 billion sukuk in September, said quarterly sales rose 7.8 percent to SR3.52 billion.