Oct 19 2009 |
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Savola posts higher net profit for Q3 and first nine months
JEDDAH: The Savola Group reported a net profit of SR278 million for the third quarter, 76 percent more than the SR158 million achieved during the same period last year, bringing the net income to SR683 million for the first nine months of the year. "The net income reported for the quarter was entirely generated from its core business operations," Sami Baroum, the group's managing director, said while releasing the financial results at a press conference at the Jeddah Hilton on Sunday.He added that income from operations recorded impressive growth over the same period last year. Gross profit for Q3 grew by 77 percent, from SR511 million in 2008 to reach SR903 million. Strong performance from all core sectors pushed income from operations to SR449 million, reflecting an increase of 86 percent over SR242 million reported last year, for the same period last year.
Net profits before capital gains was SR656 million for the first nine months of the year, reflecting a 35 percent increase over the same period last year. Operating income of the group rose by 85 percent to reach SR449 million for the quarter.
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