View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
October 24, 2014

Savola reports mixed nine-month profits

Saudi food-to-retail group Savola has posted a mixed set of profit figures for the first nine months of the year.

By Dean Best

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.

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.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every other month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Food