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Savola logs SAR 117m profits in 6M

Savola logs SAR 117m profits in 6M
Net profits plunged by 21.6% to SAR 110.2 million in Q2-19
SAVOLA GROUP
2050
2.23% 43.55 0.95

Riyadh – Mubasher: Savola Group reported its interim financial results for the second quarter of 2019.

Net profits after zakat and tax plunged by 21.6% to SAR 110.2 million in Q2-19, compared to SAR 140.7 million in Q2-18, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Tuesday.

The company attributed the fall in profits to the decrease in the share of profit from an associate, in addition to higher zakat and tax expense.

Similarly, revenues of the Saudi-based company inched down by 2% year-on-year to SAR 6.023 billion during the three-month period between April and June.

For the first half of 2019, net profits of Savola hiked by 107.1% to SAR 116.6 million, from SAR 56.3 million in H1-18.

The company generated SAR 11.4 billion in revenues during the first six months of 2019, 1.3% up from SAR 11.2 billion in the same period of the prior year.

Profit per share recorded SAR 0.22 by the end of June, versus SAR 0.11 in the corresponding period a year ago.