Riyadh – Mubasher: Savola Group on Monday reported a 38.68% year-on-year drop in net profits for the second quarter of 2018, reaching SAR 140.6 million ($37.48 million), compared to SAR 229.3 million ($61.13 million).

Quarter-on-quarter, Savola turned to profits, after suffering SAR 84.3 million net losses, according to a statement to the Saudi Stock Exchange (Tadawul).

Savola’s revenues levelled down 7.5% to SAR 6.2 billion during Q2-18, from SAR 6.7 billion in the corresponding period a year earlier.

At the level of the first six months, the Tadawul-listed firm’s profits plunged 75.95%, reaching SAR 56.3 million, compared to SAR 234.1 million during H1-17.

Revenues also went down 8.9% year-on-year to SAR 11.3 billion by the end of H1-18, from SAR 12.4 billion.

The largest Saudi food products company attributed the decline in Q2-18 and H1-18 profits to a decrease in sales of the food and retail sectors added to a rise in operating expenses.

Savola’s stock grew 0.46% to close Monday at SAR 32.95.