According to the results of the group for the Saudi market (Tadawul) today, Thursday, the profits for the first quarter of 2019 amounted to 172.8 million riyals, compared to 6.3 million riyals profits for the same period in 2019 .
The company attributed the large increase in quarterly profits to several reasons, most notably the increase in total profit, which is mainly due to higher sales and profit margins in the food and retail sectors. >
The company also attributed this increase to the increase in the group's share in the profits of associated companies, and the decrease in operating expenses.
Savola noted that the profit growth came despite a slight rise in the net financing cost resulting from foreign exchange losses, which was offset by lower financing costs on loans.
The group recorded sales of 6.12 billion riyals in the first quarter of this year, compared to about 5.39 billion riyals of the same period last year, an increase of 13.6%. < / p>
