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FINANCIAL NEWS
Saudi Savola Group revenue up 43 pct in Q1
23 Apr 2014
(MENAFN) Saudi Arabia’s Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported.
According to a statement to Riyadh’s bourse, Savola”s profits hit USD112.8 million in the first three months of 2014, increasing from USD78.65 million a year earlier.
Analysts expected Savola to make a USD86.11 million profit in a quarter.
The producer of foodstuffs cited the high net profit to revenue growth, increased market share in the retail sector, lower finance charges and larger profits from an affiliate.
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