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Savola’s Q2 net profit rises 48%

Saudi Savola Group, which owns the Middle East's biggest sugar refining business, has reported a 48% rise in its second quarter net profit, beating analyst forecasts, Reuters has reported. The increase was attributed to improved profitability in the food sector and Savola's increased market share in the retail sector. Net income reached SR341.3m in the three months ending June 30, compared with SR230.7m in the same period a year earlier. Analysts forecast Savola to post, on average, SR306.8m.