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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