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FINANCIAL NEWS
Saudi Savola net profit down 15.4 percent in Q2
29 Jul 2015
(MENAFN) Saudi Savola Group reported a 15.4 percent drop in its second-quarter net profit, missing analyst forecasts as the food producer warned its third-quarter profit was likely to plunge, Arab News reported.
The company made a net profit of USD115.84 million in the three months to June 30, down from USD136.83million in the same period a year earlier, the company said in a bourse statement.
Savola also forecast its third-quarter net profit to amount to USD94.63 million, which would represent a drop of 49 percent year-on-year according to Reuters data.
The company, a producer of cooking oil, sugar and other foodstuffs, said its profit in the second quarter of 2014 had been swelled by a one-off capital gain from the sale of its Kazakhstan operations.
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