Safaola quarterly profits rise 10%

SAFOLA Company recorded an increase of over 10% in its net profits during the second quarter of the year, reaching 116.5 million riyals, supported by growth in the profits of its main sectors. The company attributed this rise to an increase in its share of profits from affiliated companies, as profits in the Food Industries sector rose to 94 million riyals, driven by increased sales and improved profit margins. It also excluded losses resulting from the disposal of certain non-current assets and non-recurring losses associated with discontinued operations. Additionally, the Frozen Foods sector, "Al Kabeer," contributed by achieving a profit of 11 million riyals through increased revenues and enhanced profit margins. Meanwhile, "Herfy" services saw a rise in operational performance, with net profits reaching 3 million riyals. The "Panda" retail sector, however, shifted from profitability to a loss of 6 million riyals due to non-recurring losses and additional expenses, despite an 8.5% increase in group revenues to 6.3 billion riyals, driven by store expansion and increased e-commerce sales. Overall, the group’s revenues increased, supported by higher sales in the Food Industries sector and rising prices of basic commodities, despite a decline in sales in some sectors such as Food Services. Recently, Safola acquired "Al Mhabaj Al Shamiya" for 11.4 million riyals. The company operates in the food and retail sectors, owning the largest chain of stores, "Panda Markets," and holding stakes in other companies, with an estimated market value of about 8 billion riyals.

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