Riyadh – Mubasher: The Savola Group on Wednesday reported a net profit of SAR 92.9 million ($24.77 million) for the first quarter of 2016, a significant decline of 80.26% from SAR 470.5 million ($125.47 million) in the same period last year.
The consumer foods company attributed its profit fall to a one-off gain of SAR 265.2 million achieved in Q1-15 from the sale of its entire stake in Savola Packaging.
Savola’s operational expenses were up during Q1-16 following the opening of several new malls alongside some marketing operations added to losses from a sister company.
These losses are not likely to recur, added Savola.
