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FINANCIAL NEWS
Saudi Savola profit drops by 80.3 percent
21 Apr 2016
(MENAFN) Saudi food producer Savola Group, the country’s main food products firm, posted its dividend after posting an 80.3 percent drop in Q1 net profits.
Furthermore, the firm net profit in the cited quarter was USD 24.8mn, compared with USD 125.39mn in the same period a year earlier.
Additionally, the drop was attributed to an exceptional gain made in the same period last year, while the firm’s shares still slumped at 9.2 percent.
However, Saudi retailers such as Almarai warned of challenging market conditions after reporting a marginal increase in Q1 net profit.
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