Saudi food retailer Savola sees 76% profit drop

RIYADH: Saudi Arabia’s Savola Group saw its profit drop by 76 percent in 2021 on the back of higher zakat and tax expenses.

The Riyadh-listed firm’s net profit dropped to SR221 million ($58 million), down from SR910 million a year earlier, according to a bourse filing.

The company blamed the decline on higher zakat and tax expenses, along with higher impairment losses, and a lower share of profit from associates.

Following the announcement, shares in Savola edged up 0.28 percent on Monday, to close the session at SR35.85.