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Saudi Savola’s Q4 profit dips

Saudi food company Savola has reported lower Q4 net profit as unexpected provisions for loss-making units and asset write-offs hit the quarter's results, Reuters has reported. Net income fell to SR2m from SR268.6m ($71.62m) in the final quarter of the previous year. Looking forward, the company said it expects record net profit for 2011 before capital gains of SR1bn, up from SR933m last year, including SR160m in the first quarter.