Savola Group, Saudi Arabia's largest food products firm by market value, posted a 66.3 per cent drop in second-quarter profit after a one-off gain from an asset sale bolstered profit a year earlier.

Profit from operations rose 67 percent and chief executive Sami Baroum promised stronger growth in sales and operating profit in the third quarter, according to a company statement.

Islam's fasting month of Ramadan, when demand on foods across the region rises, falls in September this year.

Savola made a net profit of 257.7 million riyals ($68.7 million) in the second quarter compared with 763.8 million riyals in the year-earlier period, Savola said in a statement.

Savola's earnings were in line with analysts' forecasts which ranged from 250.4 million riyals to 278.9 million riyals in a Reuters survey last month.

The company's profit had fallen in the third and fourth quarters compared with the year-earlier period partly due to lower margins in its home market.

Operating profit rose 67 percent to 272 million riyals in the three months to June 30.

'This high increase ... is due to an improvement the group's performance and the expansions of activities it has implemented both within and outside the kingdom,' it said. - Reuters