Saudi food group Savola has recorded an increase in third-quarter earnings and said it is on track to meet full-year forecasts.

Earnings in the nine months to the end of September, net profit reached SAR457.4m (US$121.9m), a 17.9% increase on the prior year period.

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Operating profit edged up 1% to SAR654.6m. Savola attributed the increases to continued sales growth and increased market share in its retail sector, in addition to sustained growth in its edible oil business and lower operating expenses.

The company did not provide a net sales figure.

CEO Dr. Abdulraouf Mannaa said is confident of Savola achieving its earlier announced forecast of net income, before capital gains, of SAR1.5bn.

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