Saudi Arabia's Savola Group Q2 profit falls 39 pct | Reuters

Saudi Arabia's Savola Group Q2 profit falls 39 pct | Reuters:

Saudi food producer Savola Group , the country’s largest food products company, reported a 39 percent fall in second-quarter net profit on Monday, as lower sales in its food and retail sectors and higher operating costs hurt the business.

Net profit in the three months to June 30 was 140.6 million riyals ($37.5 million), compared with 229.3 million riyals in the same period a year earlier, Savola said in a bourse statement.

EFG Hermes forecast Savola would make a quarterly net profit of 177.0 million riyals.