JEDDAH: Saudi Arabia’s largest food products firm, Savola Group, posted an 11.2 percent jump in first-quarter earnings, but said profits in the second-quarter would be down by comparison with a year ago.

Among the few Saudi companies to issue forward earnings estimates, and traditionally of a conservative nature, Savola said it expected a profit of SR429 million in the second quarter, according to a bourse statement.

The company, which produces cooking oil, sugar and other foodstuffs, made SR513.3 million in the same period last year.

The bearish earnings guidance came after the firm in March revised down its profit expectations for the first quarter by half to SR178 million, citing lower than expected retail sales and currency devaluations in some foreign markets.

In the end, Savola largely exceeded its revised forecast, posting a first-quarter net profit of SR470.5 million compared with SR423.3 million in the same period in 2013.