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FINANCIAL NEWS
Saudi Savola profit up 43 percent in Q1
21 Apr 2014
(MENAFN) Net profit of Saudi Arabia”s Savola Group registered a significant growth in the first quarter of the current year after expanding its market share in the retail sector, according to Arab News.
The food producer posted 43 percent rise in net profit for the quarter reaching USD112.8 million, while revenue and financial charges dropped.
The last quarter’s revenue was up from USD78.64 million in the same quarter 2013, according to a statement to Riyadh”s bourse.
The firm, a producer of cooking oil, sugar and other foodstuffs, attributed its higher net profit to growth in revenue, increased market share in the retail sector, lower finance charges and larger profits from an affiliate.
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