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Saudi Arabia's Savola Group posted a Q4 2023 net profit of 227 million riyals ($60.5 million) versus SAR 94 million for the same quarter last year on higher share of profit from associates and lower operating expenses.
For FY 2023, the kingdom's largest food products company made a net profit of SAR 899 million, up 21% year-on-year (YoY).
The net profit far exceeded analysts’ mean estimate of SAR 82.50 million for Q4 and SAR 778 million for the full year, according to LSEG data.
It’s Q4 revenue slipped slightly to SAR 6.58 billion in the quarter.
(Reporting by Brinda Darasha; editing by Seban Scaria)