Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Arabia's Savola Q2 Soars on Asset Sale - ASHARQ AL-AWSAT English Archive
Select Page

RIYADH, (Reuters) – Savola Group, Saudi Arabia’s largest food products firm by market value, said second-quarter profit surged almost 211 percent after a one-off gain from an asset sale.

The company made a net profit of 764 million riyals ($203.7 million) in the second quarter compared with 246 million riyals in the year-earlier period, Savola said in a statement.

Profit in the second quarter was help by capital gains from the sale of Savola’s stake in Egyptian Fertilizers Company to Abraaj Capital of the United Arab Emirates. The company said last month it had made a gain of more than 700 million riyals from the deal.

Bakheet Financial Advisors had forecast second-quarter earnings of 111.44 riyals, according to a Reuters survey last month.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube