Saudi Arabian Almarai Co, the Gulf's largest dairy company by market value, said fourth-quarter net profit rose 13.5 percent on higher sales, but the outcome missed forecasts.

"These results are due to the increase of sales and the firm's market share in all sectors, as well as the diversification of its markets and sources of revenue," it said.

Almarai made a net profit of 249 million riyals in ($66.35 million) in the three months to end-December, below two analysts forecasts for 264.9 million and 314.6 million in a Reuters poll. Fourth-quarter operational profit rose 6.3 percent to 281 million riyals.

"We believe some in the market will be disappointed and will take the opportunity of the stock having gained 7 percent year to date to take some money off the table," Laurent-Patrick Gally, equity researcher at Shuaa Capital said.

Almarai said it made a 1.1 billion riyals net profit in 2009, up 20.5 percent from the previous year, while earnings per share rose to 9.95 riyals from 8.35 riyals. It announced a dividend of four riyals. - Reuters