The Savola Group financial data showed that the group's profits in the first half of the current year increased by a significant 399.4% on an annual basis.
According to the company's results for the Saudi market (Tadawul) today, Sunday, profits for the period amounted to 582.3 million riyals, compared to profits of 116.6 million riyals for the first half of 2019.
p>
The company said in a statement to the Stock Exchange that the increase in profits during the comparison periods is due to the increase in gross profit, which is mainly due to higher sales and profit margins in the retail and frozen food sectors. / p>
The company also attributed the improvement in profits to the increase in the group's share in the profits of associates, and the decrease in operating expenses in addition to the decrease in net financing costs due to the decrease in financial fees on loans.
>
The group achieved profits of 409.6 million riyals in the second quarter of this year, compared to profits of 110.2 million riyals in the same period last year, an increase of 271.7%.
(Amazon Fun Knowledge)
