Riyadh – Mubasher: Savola Group has reported SAR 475.6 million in net profit last year, versus losses of SAR 520.4 million for 2018, as shown by the annual financial results for 2019.

This resulted from a substantially enhanced performance with gross profits increasing due to higher sales and margins, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Moreover, Savola achieved higher shares of profit from associate companies, while operating expenses decreased due to a decrease in impairment losses.

On the other hand, net finance cost increased after the adoption of IFRS 16 standards.

The group previously announced plans to distribute cash dividends of SAR 160.2 million to shareholders for 2019 at SAR 0.30 per share, after the release of its then-interim financial results.

 

Source: Mubasher

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