Saudi Savola reports 2% rise in quarterly earnings

19 Oct 2010

(MENAFN) Saudi food giant Savola Group said that it has posted a 2 percent rise in net profit to $75.5 million in the three months to end-September, up from $74 million a year earlier, Reuters reported.

Savola, which owns the Middle East’s biggest sugar refining business and produces edible oil, said its sales rose by 10 percent to $1.49 billion during the quarter>

The company also attributed the results to start-up costs of new outlets in its Panda-Azizia supermarket chain.

Savola is the biggest shareholder in Almarai Company, the Middle East’s largest dairy firm by market value.

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