Saudi food group Savola posted an 11% drop in net profit for January through March as retail sales slumped compared to the same period last year.
The company reported in a stock exchange filing on Thursday (April 29) net profit of 153.8 million riyals ($41.01 million) for the first-quarter of 2021.
Net profits from food processing, investments and frozen foods increased by 41.1%, 17%, and 5.4%, respectively.
The retail segment posted a net loss of 51.68 million riyals compared to a net profit of 10.83 million riyals for the same quarter in 2020.
However, the company improved on its bottom line compared to the preceding quarter, reporting a 244.07% increase in net profit.
Savola had a good 2020 overall with a 91.51% growth in net profit to 910.8 million riyals.
The company’s food business is mainly in staples such as edible oil and pasta. It also runs a retail line comprising the Panda grocery store chain in Saudi Arabia and Egypt, and its investment arm includes a 34.52% shareholding in Almarai and 51% ownership of Al Kabeer Group.
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