Savola has posted a fall in third quarter profits

Savola has posted a fall in third quarter profits

Saudi Arabia's Savola Group has reported a dip in third quarter profits.

For the three month period ended 30 September, Savola said net profit fell 47% to SAR371.6m (US$99.1m). Savola said the decline came from the return on the sale of some investment assets through the sale of its entire stake in a real estate project.

Operating profit for the period fell 21% to SAR510.6m.  Savola said the fall came from increased operating expenses as a result of growth and expansion in its retail sector operations when compared to the same quarter a year earlier.

Savola said sales amounted to SAR5.9bn but did not give a comparative sales figure for the quarter. 

For the nine month period, Savola reported a net profit fall of 22% to SAR1.27bn.

Operating profit for the period fell 21% to SAR1.45bn