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.