Riyadh – Mubasher: The Savola Group posted a decline of 43.2% in profits registered during the second quarter of 2016 as compared to the same period in 2015, according to a bourse statement.
Earnings shrank to SAR 246.7 million in Q2-16 from SAR 434.4 million in Q2-15.
Savola clarified that the decrease in net income during Q2-16 compared to the same quarter in 2015 resulted from “lower gross profit, higher operating expenses and financial charges despite higher share of income from associates, lower zakat and tax and reduced share of minority
