GulfBase Live Support
24/10/2014 08:26 AST
Savola Group, Saudi Arabia’s largest food products company, reported a 53.3% rise in third quarter net profits on Thursday, beating analyst forecasts.
Net profit in the three months to September 30 was 701.4mn riyals ($187mn), compared to 457.4mn in the corresponding period a year earlier, it said in a bourse statement.
Five analysts polled by Reuters had forecast, on average, that Savola would record a net profit of 650mn riyals.
The company, a producer of cooking oil, sugar and other foodstuffs, attributed the rise in net profits to continued growth in revenue and performance of retail sector.
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Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
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