Aug 11, 2023

Dubai – Al Arabiya.net Posted on: August 09, 2023: 09:42 AM GST Last updated: August 09, 2023: 02:48 PM GST The net profit of the Savola Group decreased by 38.26% in the second quarter of 2023, to about 132 million riyals, after zakat and tax, compared to about 213.8 million riyals in the second quarter of 2022. On a quarterly basis, Savola’s net profit decreased by 66.39% compared to a net profit of about 392.7 million riyals in the first quarter of 2023. Savola’s share reacted negatively to these results, as it declined by 7.7%, to 36.6 riyals. The Savola Group said, in a statement on “Tadawul Saudi Arabia”, today, Wednesday, that the reasons for the decline in net profit are mainly due to the decrease in the group’s share in the profits of associate companies, the increase in net financing cost, the increase in operating expenses, in addition to the increase in zakat and income tax expenses. The decline in net profits came despite the decline in net losses of the retail sector. The group’s revenues in the second quarter of 2023 amounted to about 6.1 billion riyals, compared to 6.9 billion riyals for the same quarter of the previous year, a decrease of 11.5%. During the first half of this year, Savola’s net profit increased by 8.29% to about 524.8 million riyals, after zakat and tax, compared to about 484.6 million riyals in the first half of 2022. 2023-08-09 05:42:00