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Savola Group profits up 28% in Q3

Savola Group profits up 28% in Q3
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Riyadh – Mubasher: Savola Group achieved net profits of SAR 283.7 million during the third quarter (Q3) of 2020, up by 27.9% yearly from SAR 221.8 million in the year-ago period.

The increase is earnings is attributed to a higher share of profit from one of the firm’s associates, coupled with a drop in net financing costs, operating expenses, and Zakat and tax expenses, according to a bourse disclosure on Wednesday.

Revenues for the July-September period slid by 10.9% to SAR 4.6 billion, compared with SAR 5.1 billion in the same period in 2019.

During the first nine months of the year, the net profits leapt by 156% annually to SAR 866.1 million.