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FINANCIAL NEWS
Saudi Savola profit up 32.4 percent in Q2
17 Jul 2014
(MENAFN) Saudi food producer Savola Group posted a 32.4 percent rise in net profit in the second quarter of the current year due to higher sales in its retail business, according to Arab News.
The company, a producer of cooking oil, sugar and other foodstuffs, posted a net profit in the second quarter of USD136.9 million, compared with USD103.3 million in the same period a year earlier.
Savola reported a higher than the expected net profit for the quarter forecasted by Reuters of USD115.9 million.
Abdulraouf Mannaa, chief executive, said in a statement he expected net income of USD122.634 million before capital gains in the third quarter – in line with USD121.9 million a year ago.
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