Riyadh – Mubasher: Savola Group registered SAR 409.6 million worth of net profits in the second quarter (Q2) of 2020, a leap of 271.69% from SAR 110.2 million in the corresponding quarter in the previous year.
Revenues recorded SAR 6 billion in the period between April and June 2020, posting a 3.34% annual growth, according to a bourse statement on Sunday.
Savola ascribed the higher quarterly earnings to the hike in gross profit due to higher sales and margins in retail and frozen foods sectors, coupled with a higher share of profit from associates and lower operating expenses and net finance costs.
The profits were achieved despite the rise in Zakat and tax expense.
