RIYADH: Saudi Arabia’s Savola Group reported a leap in profits to SR648 million ($173 million) in the first nine months of 2022, on the back of higher sales from the food processing unit.
This is up 36 percent from SR476 million in the same period last year, coupled with a 20 percent revenue jump to SR21 billion, the food giant said in a bourse filing.
This is despite the fact that operating expenses, net finance costs, zakat, and income taxes have increased.
For the third quarter of 2022, net profit jumped 34 percent to SR164 million, from SR122 million in the prior-year period.