Riyadh – Mubasher: Savola Group posted an 11.21% decline in net profit to SAR 348.71 million during the first quarter (Q1) of 2024 compared with SAR 392.75 million in Q1-23.

The earnings per share (EPS) went down to SAR 0.66 as of 31 March 2024 from SAR 0.74 in the same period a year earlier, according to the financial results.

The revenues marginally fell by 0.41% to SAR 7.78 billion during the January-March 2024 period, compared with SAR 7.81 billion in the same three months (3M) last year.

On a quarterly basis, the net profits registered in Q1-24 were 53.58% higher than SAR 227.05 million in Q4-23, while the revenues increased by 18.63% from SAR 6.55 billion.

In 2023, Savola Group reported net profits worth SAR 899.19 million and revenues of SAR 26.84 billion.

The Saudi group submitted in April 2024 a request to the regulatory authority to increase its capital by SAR 6 billion.