Saudi food-to-retail group Savola has posted a mixed set of profit figures for the first nine months of the year.
Savola generated net profit of SAR1.64bn (US$437.1m) for the period to the end of September, up 43.7% on the same period in 2013. However, the company’s operating profit fell 5.6% to SAR1.9bn.
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The group did book a net capital gain of SAR187.5m from the sale of its 30% stake in a real estate project.
In its statement to the Saudi stock exchange, Savola pointed to an “outstanding” performance of its retail business, which helped drive a 2% increase in revenues to SAR20.6bn.
Savola makes food products include edible oils and pasta and also owns local retailer Panda United Co.
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By GlobalData
