Saudi food group Savola has booked a rise in second-quarter earnings, boosted by sales gains that more than offset currency headwinds.
Net profit rose 13.62% in the three months to 30 June, climbing to SAR387.8m (US$103.4m), the pasta-to-sugar group said in a regulatory filing today (17 July). Operating profit grew 7.32% year-on-year to SAR648.1m.
Profits were driven by sales gains in edible oils and market share growth in its retail business, Savola claimed. While sales figures were not provided, the firm said this growth helped to offset the negative impact of foreign exchange.
However, operating profit growth had decelerated from the first-quarter of this year – down 8.89%. Savola attributed the slowdown to currency exchange and seasonal factors.
Click here to view the full regulatory filing.