BUSINESS

Saudi Savola Group Sees 2011 Net Profit Hit SAR1B -Report

Savola Group, Saudi Arabia's biggest food company, expects to achieve a full-year net profit of 1 billion Saudi riyals ($266.7 million) in 2011, Abdulraouf Mannaa, the group's managing director, said during Savola's managers' annual conference Thursday, Saudi-based Al Riyadh daily reports Saturday.

Zawya Dow Jones News

June 11, 2011

Saturday, Jun 11, 2011

BEIRUT (Zawya Dow Jones)--Savola Group (2050.SA), Saudi Arabia's biggest food company, expects to achieve a full-year net profit of 1 billion Saudi riyals ($266.7 million) in 2011, Abdulraouf Mannaa, the group's managing director, said during Savola's managers' annual conference Thursday, Saudi-based Al Riyadh daily reports Saturday.

The group, which is also engaged in the retail and plastic manufacturing sectors, reported in January a 6.8% year-on-year drop in its 2010 full-year net profit to SAR886.7 million.

Newspaper website: http://www.alriyadh.com/2011/06/11/article640620.html

-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com

(END) Dow Jones Newswires

11-06-11 0736GMT