RIYADH: Savola Group, a major food retailer in º£½ÇÖ±²¥, has seen a decline in net profit in 2021 — 75.6 percent — as retail segment suffers from pandemic and taxation changes.Â
Net profit dropped from SR910.8 million ($242.7 million) to SR221.9 million from a year ago, the company said in a bourse filing.Â
The company attributed the decline to higher impairment loss, lower share of profit from associates, and higher zakat and tax expense.Â
A 10 percent decrease in retail segment revenues, led by the impact of value-added tax changes to 15 percent, also pushed the profit down.Â
The company also said it will distribute a 2 percent cash dividend per share.
Established in 1979, Savola’s major holdings supply º£½ÇÖ±²¥, the Middle East and North Africa, and Turkey with edible oils, sugar, fresh dairy products, and fast food restaurants.
