RIYADH: Almunajem Foods Co.'s shares rose 10 percent to close Tuesday at SR63.8 ($17), leading the gains on the Saudi stock exchange on Tuesday, following a surge in first-half profits.
The food retailer recorded a 225 percent profit boost in the first half of the year on the back of higher revenues.
Its net profit rose to SR219.6 million compared to SR67.5 million during the same period last year, the company said in a bourse filing.
The firm said the result was driven by a 21 percent increase in revenues, reaching SR1.5 billion for the same period, combined with an 81 percent increase in gross profit.
