JEDDAH: Savola Group, the Saudi Arabia-based food conglomerate, posted a 21.8 percent year-on-year rise in its first-quarter net profit to SR295.2 million ($78.72 million), it said.
The company attributed the increase in profits to higher revenues from food, especially edible oil, growth in sales and increasing its retail market share, it said in a Tadawul statement.
It said sales grew 9 percent to SR7.2 billion in the first quarter.
The firm, which owns the Middle East’s biggest sugar refining business, said it expects to make net profit of SR365 million in the second quarter.
Analysts expected Savola to make profit of SR265.11 million in the first quarter.
In a separate statement, Savola said it plans to pay SR0.50 per share in dividends total ling SR250 million in the first quarter.
Saudi Savola Group Q1 net profit up 21.8%
