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Saudi Savola posts 104% jump in Q1 earnings

19 Apr 2010

(MENAFN) Savola Group, based in Saudi Arabia, reported a 104 percent jump in net profit during the first quarter to $105.1 million, compared with $51.5 million a year earlier, Reuters reported.

Savola said in a statement that almost half of its profits came from non-recurring capital gains, beating analyst forecasts of 78.7 percent year-on-year rise in first-quarter net profit.

The company, whose products include edible oil, sugar and plastics, said it expects to make a net profit of $54.7 million in the second quarter, 3.5 percent below its level a year earlier.

Excluding capital gains from the flotation earlier this year of fast-food chain Herfy, Savola’s net profit stands at $52.8 million, which is 10 percent above the company’s own projections for the first quarter of 2010.

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