Saudi Savola's net profit up 48%

(MENAFN – Arab News) The Savola Group announced its interim consolidated financial results for the six-month period ended June 30.

According to the Tadawul website, Savola achieved net income of SR 341.3 million for Q2 ended June 30, 2012, an increase of 48 percent compared to the same quarter last year of SR 230.7 million and an increase of 40.9 percent compared to SR 242.3 Million for the first quarter 2012.

Gross profit for Q2 ended June 30 amounted to SR 1.2 billion, an increase of 24.6 percent compared to same quarter last year of SR 963.2 million.

Operating profit for Q2 ended June 30 amounted to SR 603.8 million, an increase of 42.6 percent compared to same quarter last year SR 423.4 million.
Net income for the six months ended June 30 amounted to SR 583.6 million, an increase of 47.4 percent compared to same period last year of SR 395.9 million.

Earnings per share for the six months ended June 30 amounted to SR 1.17 compared to SR 0.79 for the same period last year.

Gross profit for the six months ended June 30 amounted to SR 2.2 billion an increase of 22.2 percent compared to same period last year SR 1.8 billion.

Operating profit for six months ended June 30 amounted to SR 1.04 billion, an increase of 42.4 percent compared to same period last year SR 730.1 million.
The increase in the group’s net income for Q2 and the six-month period ended June 30 as compared to same quarter and period last year is mainly due to turnaround in profitability of its operations in food sector, continued sales growth and increased market share in its retail sector, as a result the group revenues for the six-month ended June 30 reached SR 13.57 billion, an increase of 13.6 percent compared to the same quarter last year of SR 11.95 billion. The increase in net income of Q2 compared to Q1 of this year is due to the reasons mentioned above as well as the seasonal impact experience every year.

Abdulraouf M. Mannaa, managing director of Savola Group, highlighted that the Q2 net income reached SR 341.3 million, which is 10 percent higher than the forecast of SR 310 million.

Savola expects to achieve a net income before capital gain of SR 340 million for Q3 of 2012.

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