Riyadh-Mubasher: The Savola Group recorded net earnings of SAR 515.3 million in the fourth quarter of 2015, a rise of 19% compared with SAR 434.4 million in the prior-year period.
The fourth-quarter profit increase was mainly attributed to an insurance claim settlement related to the fire accident in raw sugar warehouse in 2013, the group said in a bourse statement.
Full-year net profits declined 14% year-on-year from SAR 2 billion to SAR 1.8 billion.
The 12-month profit decline was ascribed by Savola to the lower share of profit from an associate and disposal of plastic sector in Q1-15.
