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Saudi Arabia's Savola Group reported a Q1 2024 net profit of 349 million riyals ($93 million), down 11% year-on-year (YoY) amid losses incurred on the devaluation of the Egyptian pound, and higher operating expenses.
The net profit beat analysts’ mean estimate of SAR 300 million, according to LSEG data.
In a statement on Tadawul bourse on Tuesday, the group reported revenues of SAR 7.8 billion during Q1 2024, flat on year.
The group which invests in food and retail said profit of the Food Processing segment in Q1 amounted to SAR 205 million, down from SAR 258 million in Q1 2023. The segment was impacted by foreign exchange losses upon devaluation of Egyptian pound during Q1 2024, it added.
The Retail segment, however pivoted to a net profit of SAR 33 million in Q1 2024 from a net loss of SAR 14 million in Q1 2023 due to ongoing investment in the Customer Experience Revival (CXR) Program.
(Reporting by Brinda Darasha; editing by Seban Scaria)
