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FINANCIAL NEWS
Saudi Savola reports 17% drop in Q4 profit
16 Jan 2013
(MENAFN) Saudi Savola Group announced that its net profit fell by 17 percent in the fourth quarter to USD110.2 million, from USD132.93 million in 2011’s same period, reported Arabian Business.
The food conglomerate attributed the decline to a capital gain of USD40.79 million it incurred from the sale of 2 land plots during 2011’s fourth quarter.
It added that in the October-December period of 2012, operational profit reached USD211.21 million, representing an increase of 32.3 percent from a year earlier.
In 2013, the company forecasts to make USD399 million before capital gains and exceptional items, and a net income of USD69.31 million in the first three months of the year.
It is worth noting that in October 2012, Savola bought shares worth USD533 million in Almarai, raising its stake in the Saudi food firm to 36.5 percent from 29.95 percent.
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