SAUDI ARABIA: Savola reports mixed Q1
Saudi Arabian food maker Savola Group has booked a jump in first-quarter net earnings, with lower costs offsetting a drop in operating income.
The company said net income rose to SAR423m (US$112.79m) in the three months to the end of March, up 43.4% from SAR295m in the comparable period of last year. Net profit was boosted by higher sales and lower financing costs, Savola said in a regulatory filing.
However, operating profit was hit by start-up costs associated with beet sugar operations in Egypt. Operating profit fell 24% to SAR540m.
Click here to view the regulatory filing.
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