Saudi-based Savola Group on Sunday beat average analyst forecasts by doubling net profit during the first quarter, helped by non-recurring capital gains. Savola also said one of its former chief executives and the current head of its edible oil firm Afia, Abdul-Raouf Manaa, would take over as new chief executive when Sami Baroum steps down by the end of June.
The firm, whose products include edible oil, sugar and plastics, said it made a net profit of 394 million riyals ($105.1 million) in the three months ending March, compared to 193 million riyals in the same period a year earlier.