Savola Group, the Saudi-based food conglomerate, posted a 17 per cent drop in fourth-quarter net profit, missing analysts' forecasts, mainly due to a gain it booked from land sales in the year-ago quarter.
The firm, which owns the Middle East's biggest sugar refining business, made a net profit of 413.4 million Saudi riyals in the three months ending December 31, compared with a profit of 498.6m riyals in the same period a year earlier, it said in a statement on Wednesday.
Three analysts surveyed by Reuters expected Savola to post an average profit of 456.7m riyals for the fourth quarter.
Saudi Savola's fourth-quarter profit dips 17% - The National
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