Saudi conglomerate Savola Group announced this morning (18 January) that it expects to see a jump in profits in the coming fiscal year, with gains driven by its food and retail operations.
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In a note to the Saudi stock exchange, Savola said that it expects net profit from operations to total SAR920m (US$245.3m) in fiscal 2010, compared to SAR850m last year.
Savola indicated that it expected profits from the food sector to total SAR450m, up from SAR400m in fiscal 2009, and retail profits to jump to SAR190m, more than double last year’s SAR84m profits.
