Saudi’s Savola Q1 profit slides 80.3 per cent after one-off gain
Saudi food producer Savola Group , the country’s largest food products company, reported a 80.3 percent fall in first-quarter net profit on Wednesday, missing analysts’ forecasts and after an exceptional gain made a year ago.
Net profit in the three months to March 31 was 92.9 million riyals ($24.78 million), compared with 470.5 million riyals in the same period a year earlier, Savola said in a bourse statement.
An average of three analysts polled by Reuters forecast Savola would make a quarterly net profit of 268.1 million riyals.
It attributed the fall in profit mainly to the fact its earnings were boosted in the same period last year by a 265.2 million riyal capital gain from the sale of its packaging unit to Takween Advanced Industries.