Saudi Savola Q1 net profit up 47pc
Riyadh, April 17, 2012
Saudi food and drink manufacturer Savola Group recorded a 46.7 percent first-quarter net profit rise, beating forecasts.
The firm reported earnings of 242.2 million riyals ($64.6 million), up from 165.2 million riyals a year earlier, according to a statement posted on the bourse website.
The result beat a survey of five analysts who forecast on average it would earn 235 million in the period. In January Savola said it would likely have first-quarter net income of 220 million riyals before capital gains. - Reuters