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Capital gain boosts Savola's Q1 net profit

Riyadh, April 18, 2010

Saudi-based Savola Group on Sunday posted a 104 percent rise in net profit during the first quarter, almost half of which came from non-recurring capital gains, beating analyst forecasts.

The firm, whose products include edible oil, sugar and plastics, made a net profit of 394 million riyals ($105.1 million) in the three months ending March, compared to 193 million riyals in the same period the year earlier, it said in a statement.

This is above the average 78.7 percent year-on-year rise in first-quarter net profit which five analysts predicted Savola would achieve in a Reuters survey.

Excluding capital gains from the flotation earlier this year of fast-food chain Herfy, Savola's net profit stands at 198 million riyals, which is 10 percent above the company's own projections for the first quarter of 2010.

Savola said it expects to make a net profit of 205 million riyals in the second quarter which is 3.5 percent below its level a year earlier.  -Reuters




Tags: Saudi | Savola | Food | edible oil | Capital gains |

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