DUBAI: Savola reported a year-over-year decline in net profit as sales and margins in the retail sector fell, it received a smaller share of profit from associates and operating expenses increased.
First-quarter net profit slipped 11 percent to SR153.8 million ($41 million) from a year earlier, the Jeddah-based food group said in a filing to the stock exchange. However, profits surged from SR44.7 million in the fourth quarter of 2020 when it wrote down the value of some of its assets amid the coronavirus pandemic.
Profit per share was SR290,000, down from SR320,000, while total shareholder equity after deducting minority equity was SR8.51 billion, an increase of 11.79 percent from a year earlier.
Savola said on Thursday it approved a cash dividend of SR400.5 million, or SR0.75 per share, to be distributed on May 24. The company also approved the buyback of 1.2 million shares to cover the second and third tranches of the Employees Long Term Incentive Plan.
The company behind some of the Kingdom’s best known supermarket brands saw a 92 percent jump in profits last year driven by rising demand for frozen foods.
Savola net profit declines as sales, margins decrease
https://arab.news/6fvqz
Savola net profit declines as sales, margins decrease
- Savola approved a cash dividend of SR400.5 million
- Follows a bumper year of frozen food sales in 2020
Saudi Arabia, Japan trade rises 38% between 2016 and 2024, minister says
RIYADH: Trade between Saudi Arabia and Japan has increased by 38 percent between 2016 and 2024 to reach SR138 billion ($36 billion), the Kingdom’s investment minister revealed.
Speaking at the Saudi-Japanese Ministerial Investment Forum 2026, Khalid Al-Falih explained that this makes the Asian country the Kingdom’s third-largest trading partner, according to Asharq Bloomberg.
This falls in line with the fact that Saudi Arabia has been a very important country for Japan from the viewpoint of its energy security, having been a stable supplier of crude oil for many years.
It also aligns well with how Japan is fully committed to supporting Vision 2030 by sharing its knowledge and advanced technologies.
“This trade is dominated by the Kingdom's exports of energy products, specifically oil, gas, and their derivatives. We certainly look forward to the Saudi private sector increasing trade with Japan, particularly in high-tech Japanese products,” Al-Falih said.
He added: “As for investment, Japanese investment in the Kingdom is good and strong, but we look forward to raising the level of Japanese investments in the Kingdom. Today, the Kingdom offers promising opportunities for Japanese companies in several fields, including the traditional sector that links the two economies: energy.”
The minister went on to note that additional sectors that both countries can also collaborate in include green and blue hydrogen, investments in advanced industries, health, food security, innovation, entrepreneurship, among others.
During his speech, Al-Falih shed light on how the Kingdom’s pavilion at Expo 2025 in Osaka achieved remarkable success, with the exhibition receiving more than 3 million visitors, reflecting the Japanese public’s interest in Saudi Arabia.
“The pavilion also organized approximately 700 new business events, several each day, including 88 major investment events led by the Ministry of Investment. Today, as we prepare for the upcoming Expo 2030, we look forward to building upon Japan’s achievements,” he said.
The minister added: “During our visit to Japan, we agreed to establish a partnership to transfer the remarkable Japanese experience from Expo Osaka 2025 to Expo Riyadh 2030. I am certain that the Japanese pavilion at Expo Riyadh will rival the Saudi pavilion at Expo Osaka in terms of organization, innovation, and visitor turnout.”
Al-Falih also shed light on how Saudi-Japanese relations celebrated their 70th anniversary last year, and today marks the 71st year of these relations as well as how they have flourished over the decades, moving from one strategic level to an even higher one.
