Saudi Arabia’s food and drink manufacturer Savola Group recorded a 46.7 per cent jump in first-quarter net profit, beating forecasts. The firm reported earnings of 242.2 million riyals ($64.6 million), up from 165.2 million riyals a year earlier, according to a statement posted on the bourse website.
The result beat a survey of five analysts who forecast on average it would earn 235 million in the period. In January Savola said it would likely have first-quarter net income of 220 million riyals before capital gains. Savola, which has a large presence across Middle East markets, said it expected second-quarter earnings to reach 310 million riyals.