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Saudi’s Food Products Gains Most in More Than 6 Weeks on Profit

July 11 (Bloomberg) -- Food Products Co. advanced the most in more than six weeks after the Saudi Arabian company that produces and packages foods said second-quarter profit increased almost seven-fold.

The shares surged 7.8 percent, the most since May 29, to 17.20 riyals at 11:44 a.m. in Riyadh.

Net income rose to 12 million riyals ($3.2 million) from 1.8 million riyals the year earlier, according to a company statement on the Saudi bourse.

To contact the reporter on this story: Zahra Hankir in Dubai at zhankir@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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