FINANCIAL NEWS

Saudi Savola’s net profit hit USD99.1m

20 Oct 2015

(MENAFN) Savola Group, one of Saudi Arabia’s largest food products companies, has logged a 47 percent decrease in its third quarter net profit.

In the three months to September 30, net profit hit USD99.1 million compared to USD186.91 million in last year’s same period.

The company attributed the drop in net profit in the period to the gain from last year’s same period in Masharef Real Estate Project of USD49.96 million.

However, in a statement, Savola was confident of reaching its announced profit of USD434.36 million for the full year.

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