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Saudi Arabia's Savola Group posted a Q2 2024 net profit of 135.4 million riyals ($36 million), nearly 3% higher year-on-year (YoY) on higher share of profit from portfolio firms and a pivot to profit within the retail segment.
However, the effort came way below analysts’ mean estimate of SAR 212 million, according to LSEG data.
Revenue slipped to SAR 5.4 billion in the quarter versus SAR 6.1 billion in the year-ago period mostly due to lower revenues of the food processing segment on account of lower crude edible oil prices.
For H1 2024, the kingdom's largest food products company made a net profit of SAR 484 million, down 8% YoY.
The food processing segment was impacted by foreign exchange losses upon devaluation of Egyptian Pound during Q1 2024 amounting to SAR 109 million, a bourse filing said on Tuesday
(Writing by Brinda Darasha; editing by Seban Scaria)