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Savola profit drops 18%
- Saudi Arabia: Monday, July 20 - 2009 at 12:01
Saudi Arabia's largest food products firm by market value, Savola Group has reported a17.5% drop in second-quarter profit, on lower income and provisions for an investment in a listed property developer. Net profit of SR212.5 million ($56.7m) in the three months to June 30, compared with SR257.7m in the same period last year, the company said. Savola has projected third-quarter earnings would rise 58.2% from the same period last year, backed by growth in revenue from traditional sugar, edible oil and plastic businesses.
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