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18/10/2011 00:00 AST
Saudi Savola Group posted an 8.8 percent rise in its third-quarter net profit on Monday, beating some analyst forecasts, after it increased sales and market share in the food and retail sectors, it said in a bourse statement.
The firm made a net profit of SR307.9 million ($82 million) in the three months ending Sept. 30, compared with SR283 million in the same period a year earlier, the statement said.
Analysts surveyed by Reuters expected the firm to post on average SR302 million in the third-quarter.
Savola also said it plans to issue a dividend of SR0.25 per share for the third quarter profits and still expects this year's profits, before capital gains, to reach SR1 billion.
"The net profit increase for the third quarter compared to the third quarter a year earlier is mainly due to the continued growth in sales and market share in the food and retail sectors," Savola said in the statement.
"The group expects to post a fourth quarter net profit, before capital gains, of SR296 million for the fourth quarter, which is in line with the firm's expectations for 2011 net profit of SR1 billion before capital gains," it said.
Operational profit for the third quarter increased by 10.7 percent to SR471.8 million, compared with SR426.2 million in the same period a year earlier.
Reuters
31/01/2018
Further to the Savola Group (The Group) previous announcement dated 14/11/2017, regarding the resignation of its CEO, the Group would like to announce its Board of Directors decision dated 30/1/2018
Tadawul
29/01/2018
Three major retailers from the Middle East region - Emke Group/Lulu Group International, Majid Al Futtaim Holding and Savola Group - are on a new list of top 250 global retailers, launched by Deloitt
Trade Arabia
02/01/2018
FOLLOWING the success of its drive "Negaderha", Savola group presented its first of kind initiative at 5th Arab Roundtable Meeting on Sustainable Consumption and Productions which was organized recen
Saudi Gazette
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28/04/2025
Lubna S. Olayan, Chair of the Board of Directors of Saudi Awwal Bank (SAB), announced on Sunday the bank's financial results for the period ending 31 March, 2025.
For the first three months
Saudi Gazette
28/04/2025
stc announced its preliminary financial results for the period ending March 31, 2025, highlighting strong performance across key metrics.
Revenues for the first quarter reached SR19,210 mill
Saudi Gazette
28/04/2025
Arab Bank Group has reported solid results for the first quarter of 2025, with 7 % increase in net income after tax reaching $ 271 million, compared to $252.8 million for the same period last year.
Trade Arabia
28/04/2025
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has cemented its position as a regional leader in industrial innovation by becoming the first aluminium smelter in the Mid
Trade Arabia
26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
Financial Information Co.
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