Saudi Arabia's Savola makes third-quarter loss on lower sales | Reuters:
Savola Group, Saudi Arabia’s largest food products company, reported a third-quarter loss of 50.7 million riyals ($13.5 million), its third loss in the last four quarters, due to lower sales and higher financing costs.
Analysts at EFG Hermes and NCB Capital had forecast the company would make a profit of 211.9 million riyals and 196.0 million riyals, respectively.
The company made a profit of 829 million riyals in the third quarter of last year.
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