Saudi food group Savola beats estimates with 32.4 pct Q2 net profit gain
Saudi food producer Savola Group reported a 32.4 percent jump in second-quarter net profit on Wednes…Saudi food producer Savola Group reported a 32.4 percent jump in second-quarter net profit on Wednesday, beating analyst forecasts.
The company, a producer of cooking oil, sugar and other foodstuffs, made a net profit in the three months to June 30 of 513.3 million riyals ($136.9 million), compared to 387.8 million in the same period a year earlier, according to a bourse filing.
Six analysts polled by Reuters had forecast, on average, that Savola would record a net profit for the quarter of 435 million riyals.
It added that it expected net income before capital gains in the third quarter to be 460 million riyals.
