Savola Group's profits fell by 11%, with net profit 153.8 million riyals in the first quarter of 2021, compared to SAR 172.8 million during the corresponding period, while its revenues increased by 0.5% to 5.95 billion riyals.
According to Arab Net, the company has declined to decrease net profit for the first quarter of 2021 compared to the net profit for the same quarter from the previous year to:
- High operational expenses.
- High defenses of zakat and income tax.
The decline in net profit despite the low cost of funding caused by low financial fees on loans, according to the company.
