Riyadh – Mubasher: Savola Group turned to profit during the first quarter of 2019, reporting SAR 6.3 million ($1.68 million) in profit.
The Tadawul-listed company attributed its profit to the increase in sales and the decline in its stake in the loss of a sister firm, according to a bourse statement released on Wednesday.
Sales grew 5.5% year-on-year to SAR 5.38 billion in Q1-19 versus SAR 5.108 billion a year earlier.
Operating profit surged to SAR 205.9 million in the first three months of 2019, compared to SAR 60 million in the year-ago period.
In March, Savola Group reported SAR 520.4 million ($138.74 million) loss for the fiscal year 2018.
