Almarai Defying Global Meltdown

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Saudi Arabia-based food and drink conglomerate Almarai has announced that its Q109 net income pushed up by 22% year-on-year (y-o-y) to SAR197.4mn (US$52.64mn). The dairy focused giant's posting falls in line with expectations and confirms our view that it should continue to perform well despite a marked deterioration in the Gulf Cooperation Council (GCC) region's economic outlook. BMI has forecast the Saudi economy to perform doggedly in 2009 with GDP rising by 2.1%.