Riyadh – Mubasher: Savola Group achieved a net profit of SAR 1,025 million during fiscal year 2017 against a loss of SAR 363.3 million in the previous fiscal year, according to a bourse statement on Monday.

The Tadawul-listed company achieved an earning per share of SAR 1.92 in FY17 versus a loss per share of SAR 0.68 in FY16.

Operating profits increased by 69.19% to SAR 799.6 million in FY17 compared to SAR 472.6 million in FY16.

Savola noted that the reason for achieving profit for the year 2017 compared to the loss for the previous year mainly attributed to a gain on disposal of 2% ownership interest in Almarai, in addition to non-recurring net positive impact of SAR 62 million for Savola from gain on disposal of leasehold rights by Panda Retail Company of its Hyper Panda store in Dubai Festival City Mall, the UAE.

The profits were also attributed to “Non-recurring net positive impact for the Group of SAR 30 million due to recognition of dilution gain net of option cost, upon deconsolidation of United Sugar Company Egypt, considered as an associate effective March 28, 2017, after issuance of shares to EBRD as announced earlier on Tadawul.”