Saudi food group Savola’s net profit surged 271.69% in the second-quarter compared to the same three months last year. Net profit for January to June 2020 reached 582.3 million riyals, an increase of 399.4% versus the 116.6 million riyals last year. SAVOLA’S BUSINESS LINESSavola performed well amid the COVID-19 crisis due to its food business that is mainly in staples. In 2019, Savola Foods hit sales, including exports, of 1.6 million tons of edible oil, 2.2 million tons of sugar and 279,336 tons of pasta, according to its website. Savola’s 2019 net profit was 475.6 million riyals, a rebound from the loss of 520.4 million riyals in 2018.

Source: The North Africa Journal August 17, 2020 02:24 UTC