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FINANCIAL NEWS
Savola Q2 net profit up 11%
20 Jul 2011
(MENAFN) Saudi Savola said that due to a drop in global food prices, in the second quarter of 2011, net profit rose 11 percent reaching USD61 million from the same period in 2010, reported The National.
The Middle East’s largest sugar refining company added that in this year’s first quarter, net profit slipped 58 percent reaching USD44 million compared with USD105 million in the same quarter a year ago due to higher raw material prices.
It also said that as a result of increasing market share of Savola’s retail and food divisions, in 2011’s first six months, sales surged 29 percent to USD1.6 billion.
It is worth noting that Savola owns a 62 percent share of the Saudi edible oils market and a 68 percent share of the sugar market.
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