Riyadh – The financial statements of Savola Group showed a turn to profit at a value of SAR 221.8 million during the third quarter of 2019, versus a loss worth SAR 51 million a year earlier.
On a quarterly basis, profits of the period leapt by 101.27% when compared to the second quarter of 2019, according to a bourse filing on Monday.
During the period from January to September 2019, Savola Group recorded SAR 338.3 million worth of profits, compared to SAR 5.6 million, posting a 5,941% year-on-year jump.
The firm attributed the rise in profits to higher gross profit due to higher sales and profit margins in addition to the firm’s higher share in the profits of sister companies.
Additionally, the rise is ascribed to lower operating expenses as well as lower net finance costs mainly due to the reduction in foreign currency exchange losses.
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