RIYADH : Saudi-based dairy giant Almarai has recorded a 9-percent increase in profit for the first quarter of 2022 on the back of higher revenue. Net profit rose to SR420 million ($112 million) from SR385 million a year ago, a bourse statement revealed. Results were attributed to a hike in revenue of 23.6 percent and gross profit of 7.8 percent, even as selling and administration expenses went up.