Riaydh - Mubasher: Savola Group posted on Thursday a 43.2% decline in profits in the second quarter of 2016 to SAR 246.7 million ($65.78 million), compared to SAR 434.4 million ($115.83 million) in the same quarter last year.
On the other hand, profits increased 165.55% on a quarterly basis, the company said in a filing to the Saudi Stock Exchange (Tadwul).
The year-on-year profit fall was mainly due to lower gross profit, higher operating expenses and financial charges despite higher share of income from associates, lower zakat and tax and reduced share of minority interest.
The quarter-on-quarter surge in profits resulted from higher revenue and gross profit, which is caused by seasonality and increased share of income from associates.
