Riyadh – Mubasher: Savola Group witnessed 7.75% lower net profits at SAR 484.10 million in the first half (H1) of 2024, versus SAR 524.80 million, according to the financial results.
The Saudi group achieved revenues valued at SAR 13.15 billion in H1-24, down 5.39% year-on-year (YoY) from SAR 13.90 billion.
Earnings per share (EPS) fell to SAR 0.92 as of 30 June 2024 from SAR 0.99 in the year-ago period.
Financial Results for Q2-24
In the second quarter (Q2) of 2024, the net profits amounted to SAR 135.39 million, up 2.56% from SAR 132 million a year earlier.
Revenues plummeted by 11.78% to SAR 5.37 billion in April-June 2024 from SAR 6.09 billion in Q2-23.
Quarter-on-quarter (QoQ), the profits in Q2-24 shrank by 61.17% from SAR 348.71 million in Q1-24, while the revenues plunged by 30.92% from SAR 7.78 billion.
