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Savola incurs SAR 520m loss in 2018

Savola incurs SAR 520m loss in 2018
The Saudi food firm’s net losses after calculating Zakat and Tax reached SAR 520.4 million in 2018
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2050.B
6.03% 37.80 2.15

Riyadh – Mubasher: Savola Group on Tuesday reported turning to loss in 2018, against generating profits in the year before.

The Saudi food firm’s net losses after calculating Zakat and Tax reached SAR 520.4 million ($138.74 million) last year, against a profit of SAR 1.026 billion ($270 million) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

Savola attributed the negative turn in its 2018 financials to a drop in food and retail sales, higher losses in associates, and spending SAR 100.7 million to a guarantee given to an associate’s subsidiary.

Sales tumbled 8.5% to SAR 21.815 billion in the January-December period of 2018, from SAR 23.83 billion a year earlier.

Operational profits also slumped 66%, reaching SAR 277 million in 2018, compared to SAR 803.2 million in the prior year.

“We would like to inform the investors that the consolidated financial statements of the Group for the year ended 31 December 2018 will be uploaded on Savola website after submitting it to the concerned authorities,” the statement added.

Savola Group's stock increased by 1.44% to finish Tuesday's trading activities at SAR 31.70.