Reduction in the Group net income for the period ended 30 June 2017 compared to the same period last year is attributed to:

-lower gross profit, mainly due to lower sales and lower margins in the Retail sector,
- higher share of minority,

This decrease in net income is despite:
- non-recurring net positive impact for the Group of SAR 30 million due to recognition of dilution gain upon deconsolidation of USCE, considered as an associate effective March 28, 2017, after issuance of shares to EBRD and recording of option cost as announced earlier on Tadawul.
- reduced losses from USCE
- lower operating expenses,
- lower net finance cost, and
-lower zakat and tax.

SAVOLA Group Company SJSC published this content on 08 August 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 08 August 2017 07:01:06 UTC.

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