JEDDAH – Saudi Arabia's Riyad Bank posted a 9.4 percent rise in net profit in the second quarter, beating analysts' forecasts. The Kingdom's third-largest lender by market value made SR914.4 million ($243.8 million) in the three months to June 30, up from SR836 million in the year-earlier period, the firm said in a bourse statement Sunday. Meanwhile, Saudia Dairy and Foodstuff Company (Sadafco), a publicly listed company which has been producing high-quality dairy and foodstuff products under the Saudia brand since 1977, has released its audited full year 2011-12 financial statements, which have shown substantial increases in overall earnings, profits and sales as compared to 2010-11. Sadafco's latest financial results that were recently approved by the company's shareholders at its extraordinary general meeting (EGM) in Jeddah outlined Sadafco's net profit for the year at SR 152 million as compared to SR 129 million from 2010-11, an increase of 17 percent. The earnings per share (EPS) for the year 2011-12 are SR 4.69 versus SR 4 for the same period last year. The growth in net profit for the period 2011-12 has been mainly attributed to the significant 18 percent rise in sales which contributed towards achieving a figure of SR1.336 million versus previous years' sales of SR1.134 million. – SG
