Savola Group hits 2-month high on earnings
- Saudi Arabia: Saturday, February 16 - 2013 at 17:09
The Tadawul All-Share Index closed half a percentage point higher Saturday to reach 7,087. Sabic rose to 2-week high at SR94. Food and beverages giant Savola Group added in line with market performance 0.50%, finishing at SR40.50. Earlier in the day, Savola said its net income for the year ended 31 Dec. 2012 amounted to SR1.4bn, increase of 16.7% compared to last year SR1.2bn. Savola added that the increase in the net income was attributed mainly "to the outstanding performance of its operations of foods Sector and the continued growth of revenues, which reached SR27.4bn compared to SR25.2bn for the last year, increased market share in retail sector and capital gain of SR47m from sale of Emaar Economic City shares."
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