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Savola net profit drops 43.2pc

RIYADH, July 28, 2016

Saudi Arabian food maker Savola Group, the country's largest food products company, reported a 43.2 per cent fall in second-quarter net profit and cut its dividend on Thursday, citing higher operating expenses and financial charges.

Net profit in the three months to June 30 was SR246.7 million ($65.8 million) compared with SR434.4 million ($115.8 million) in the same period a year earlier.

Analysts at EFG Hermes and NCB Capital had forecast Savola would make a quarterly net profit of SR324.4 million ($86.5 million) and SR262 million ($69.8 million) respectively.

Savola said its board had recommended paying a cash dividend of 0.25 riyal per share for the second quarter, below the 0.5 riyal that it paid for the corresponding period of 2015. The company had also halved its dividend in the first quarter after reporting an 80.3 per cent slump in profit. - Reuters
 




Tags: | Savola | Net Profit |

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