Riyadh – Mubasher: Savola Group’s net profits soared 361.8% year-on-year in the third quarter of 2017.
Net profits surged to SAR 829 million in Q3-17, from SAR 179.5 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
Quarter-on-quarter, profits increased 261.5%.
The company attributed the increase in its year-on-year net profits to higher profits from associate firms, decrease in operating expenses, and in net financing cost.
At the level of the first nine months of 2017, net profits went up 92.5% to reach SAR 1.06 billion, compared to SAR 552.4 million in the corresponding period in the year earlier.
By 11:52 am KSA time, the stock decreased 2.20% to reach SAR 38.65.
