Saudi's Savola Q2 net profit rises 13.6%

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Savola Group attributed the increase to its greater market share in the retail sector and

Savola Group attributed the increase to its greater market share in the retail sector and "sustained growth in the edible oil segment", according to a bourse statement.

Saudi Arabia's Savola Group posted a 13.6 percent rise in second-quarter net profit on Tuesday as it gained market share in the kingdom's retail sector.

The food company made a quarterly profit of 387.8 million riyals ($103.4 million) for the three months to June 30.

This compares with a quarterly profit of 341.3 million riyals in the year-earlier period.

The company attributed the increase to its greater market share in the retail sector and "sustained growth in the edible oil segment", according to a bourse statement.

Savola also proposed a second-quarter dividend of 0.5 riyals per share.

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