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Saudi's Savola Q2 net profit rises 13.6 pct
July 17, 2013 / 7:18 AM / in 4 years

Saudi's Savola Q2 net profit rises 13.6 pct

DUBAI, July 17 (Reuters) - Saudi Arabia’s Savola Group posted a 13.6 percent rise in second-quarter net profit on Tuesday as it gained market share in the kingdom’s retail sector. The food company made a quarterly profit of 387.8 million riyals ($103.4 million) for the three months to June 30. This compares with a quarterly profit of 341.3 million riyals in the year-earlier period. The company attributed the increase to its greater market share in the retail sector and “sustained growth in the edible oil segment”, according to a bourse statement. Savola also proposed a second-quarter dividend of 0.5 riyals per share.

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