Savola Group Saudi Arabia’s profits increased by 27.9% to reach 283.7 million riyals in the third quarter of 2020, compared to 221.8 million riyals in the same period last year.
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According to Arabiya Net, profits fell by 30.7%, compared to what the company achieved in the previous quarter, which was 409.6 million riyals.
During the first nine months of 2020, Savola Group achieved profits of 866.1 million riyals, compared to 338.3 million riyals, in the corresponding period of last year, with a growth of 156% .
Net profit for the current quarter increased to 283.7 million riyals compared to 221.8 million riyals for the same quarter of the previous year.
and the reasons for achieving profit growth are mainly due to the increase in the group's share in profits from an associate company, the decrease in net financing costs, which is mainly due to the decrease in financial fees on loans .
also decreased operating expenses, as did zakat and tax expenses.
The increase in net profit came despite the decrease in sales.
