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Saudi Savola reports USD91m profit in Q2

22 Jul 2012

(MENAFN) Saudi Savola Group reported a 48 percent increase in quarterly profits on higher profits in the food sector and increased market share in the retail sector, Reuters reported.

The owner of Middle East’s largest sugar refining business said it made USD90.9 million net profit during the second quarter, up from USD61.4 million a year earlier.

The company attributed its higher profits mainly to the turnaround in profitability of its operations in the food sector, and the continued growth and increased market share in the retail sector.

The company also reported 42.6 percent increase in operating profits for the quarter to USD160.8 million compared to a year earlier.

Savola forecasted to post USD90.54 million net profit, before capital gains, for the third quarter.

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