JEDDAH — Savola Group – a leading strategic investment holding group in the food and retail sectors across the MENAT (Middle East, North Africa and Turkey) region – reported a net profit of SR475.6 million for 12 months’ period ended Dec. 31, 2019 compared to a net loss of SR520.4 million for the same period last year.

Revenue for the said period has reached SR22.2 billion.

Based on the results, Savola Group Board of Directors recommended to distribute cash dividends for shareholders amounting SR160.2 million (SR0.30 per share). The Board of Directors’ recommendation will be presented to the shareholders in the General Assembly Meeting for approval after completing the necessary regulatory formalities from the legal authority.

Commenting on the results, Eng. Anees Moumina, Group Chief Executive Officer of Savola Group, said “Savola Group continues working closely to realign growth strategies, turnaround plans, and cost optimization initiatives. The plans and efforts are reflected through the improved results.” — SG