Mubasher TV
Contact Us Advertising   العربية

Savola incurs SAR 51m loss in 3M on lower sales

Savola incurs SAR 51m loss in 3M on lower sales
Revenues slid 6.9% to SAR 5.21 billion in Q3-18
Default Company
2050.B
6.03% 37.80 2.15

Riyadh – Mubasher: Saudi Arabia-based Savola Group on Tuesday announced turning to loss during the third quarter of 2018, against generating profit in the year-ago period.

Savola’s net losses after calculating Zakat and Tax amounted to SAR 50.7 million ($13.52 million) during Q3-18, against a profit of SAR 829 million ($221.01 million) in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Revenues slid 6.9% to SAR 5.21 billion in Q3-18, from SAR 5.59 billion from July to September last year.

Operating profits tumbled 39.3% to SAR 169.9 million from July to September, compared to SAR 280.2 million in the same period a year earlier.

During the first nine months of 2018, Savola Group’s net profit after calculating Zakat and Tax plunged 99.4% to SAR 5.6 million, from SAR 1.06 billion a year earlier.

The company attributed the third-quarter loss and the decrease in the nine-month profit to a decline in sales, profits from subsidiaries, along with higher financing costs.

Sales fell 8.7% to SAR 16.46 billion in first nine months this year, from SAR 18.03 billion a year before.

Year-on-year, operational profits went down 34.5% to SAR 464.4 million in the January-September period of 2018, from SAR 709.8 million.

Savola Group’s stock remained unchanged to close Tuesday's trading session at SAR 31.30.