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Saudi Savola suffers SAR 84.3m loss in Q1

Saudi Savola suffers SAR 84.3m loss in Q1
The firm attributed the negative turn in its financials to a drop in total profits
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2050.B
6.03% 37.80 2.15

Riyadh – Mubasher: Saudi Arabia-based Savola Group on Wednesday said that it turned to loss in the first quarter of 2018, against posting profits in the year-ago period.

Saudi Arabia's largest food products firm incurred a loss of SAR 84.3 million in the three-month period ended March 2018, against a profit of SAR 4.8 million in Q1-17, according to a bourse statement.

The firm attributed the negative turn in its financials to a drop in total profits due to a decline in food and retail sectors' sales, in addition to a rise in losses of an associate.

Sales tumbled 12.1% to SAR 5.1 billion during Q1-18, from SAR 5.8 billion in the comparative period of 2017.

Quarter-on-quarter, Savola's loss increased by 124.8% from SAR 37.5 million in Q4-17.

The stock dropped 2.6%, closing Wednesday at SAR 40.39.