The financial statements of the Saudi Savola Group showed a decline in the company's profits in the first half of this year by 39.2% on an annual basis.
According to the company's results for the Saudi market (Tadawul), today, Wednesday, the profits for the period amounted to 353.8 million riyals, compared to 582.3 million riyals, profits for the first half of 2020.
The group's profits fell by 51.2% in the second quarter of this year; To reach 200 million riyals, compared to profits for the same period in 2020 of 409.6 million riyals.
The company explained that the decline in net profits was mainly due to several factors, including lower sales and profit margins in the retail and frozen food sectors, a decrease in the group's share in the profits of associate companies, high costs Funding.
And she indicated that the decline in net profit came despite the decrease in operating expenses, zakat and income tax expenses.
