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Savola Group posts 36% increase in profit

In spite of operating expenses, net finance costs, zakat, and rise in income taxes, the company posted better results.
By TRENDS Desk
October 31, 2022 9:16 am
  • The food company said in a bourse filing that it had also posted a 20 percent revenue jump to $5.60 billion
  • For the third quarter of 2022, net profit jumped 34 percent to $44 million, from $33 million in the same period last year

Riyadh, Saudi Arabia— Savola Group of Saudi Arabia has posted a 36 percent jump in profits to $173 million in the first nine months of 2022, on the back of higher sales from the food processing unit.

This is up 36 percent from $127 million in the same period last year, coupled with a 20 percent revenue jump to $5.60 billion, the food giant said in a bourse filing.

This is despite the fact that operating expenses, net finance costs, zakat, and income taxes have increased.

For the third quarter of 2022, net profit jumped 34 percent to $44 million, from $33 million in the prior-year period.

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