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
Stc partners with Qiddiya as Six Flags official connectivity provider
RIYADH: Saudi stc Group has announced its partnership with Qiddiya as the official connectivity partner for the Six Flags theme park, providing telecom services, smart city solutions, and an integrated digital infrastructure in line with global standards, coinciding with the park’s official opening.
Under the partnership, stc will deliver an advanced digital ecosystem to enhance visitors’ experiences at Qiddiya, offering high-performance connectivity and smart technologies to facilitate entry and manage visitor flow within the park, ensuring a seamless and safe experience.
The collaboration reflects stc’s commitment to providing advanced digital infrastructure that supports Qiddiya’s ambitions and elevates the visitor experience.
By leveraging smart connectivity, smart city technologies, and innovative payment solutions, stc aims to deliver an integrated and streamlined experience across the destination.
The initiative also highlights stc’s role in supporting the tourism and entertainment sectors with world-class digital infrastructure that aligns with Saudi Arabia’s vision and future goals.
