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FINANCIAL NEWS
Saudi Almarai reports USD106m profit in Q2
08 Jul 2013
(MENAFN) Saudi food producer Almarai Co reported a 5 percent growth in quarterly profits on higher dairy, juice and bakery sales, Bloomberg reported.
The company said it made USD106 million in the second quarter, up from USD101.3 million achieved a year earlier.
Saudi Arabia’s largest food producer has a USD4.2 billion, five-year investment program to boost output and develop products.
In May, CFO Paul-Louis Gay unveiled plans to tap global debt markets in the next 12 months for about USD500 million as it seeks to expand its business in the US, Argentina and Ukraine, adding the debt may be an Islamic bond or a hybrid.
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