August 6, 2018 / 1:33 PM / 2 years ago

Saudi Arabia's Savola Group Q2 profit falls 39 pct

DUBAI, Aug 6 (Reuters) - Saudi food producer Savola Group , the country’s largest food products company, reported a 39 percent fall in second-quarter net profit on Monday, as lower sales in its food and retail sectors and higher operating costs hurt the business.

Net profit in the three months to June 30 was 140.6 million riyals ($37.5 million), compared with 229.3 million riyals in the same period a year earlier, Savola said in a bourse statement.

EFG Hermes forecast Savola would make a quarterly net profit of 177.0 million riyals.

Savola attributed the fall in profit to lower sales in its food and retail sectors, slightly higher operating costs and the non-recurring net positive impact of 62 million riyals it received in the same period of last year for the disposal of the leasehold rights of its hypermarket business in the United Arab Emirates. ($1 = 3.7503 riyals) (Reporting By Tom Arnold)

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