Saudi- Savola posts SR2 billion profit in 2014
(MENAFN- Arab News) As was announced earlier in 2014 on Tadawul website Savola Group beats profit expectations the group achieved a net profit of SR2.07 billion. The group's MD & CEO Abdullah bin Mohammed Noor Rahimi attributed its high profit during the fiscal 2014 as compared to the previous year to some main reasons.
One major reason is continued growth in sales and increased market share in the retail sector which besides the increase of the group's share of net income from some of its associates is due to the positive impact of lower zakat and income tax minority interest and lower financing expenses net.
He added that despite the increase in operating expenses the group has been able to allocate SR67.4 million against diminution of its investments in Capital Investment Fund and Bridges Investment Fund Swicorp which reflected positively in the full-year results.
Rahimi stated that the figures also reveal Savola Group's excellence; it has recorded a net profit of SR 2.07 billion for 2014 compared to the net profit of SR1.7 billion in the previous year an increase of 21.6 percent.
Net profit before capital gains and special items for 2014 reached SR1.93 billion an increase of 23 percent compared to last year and an increase of 7.2 percent over the expectations of SR1.8 billion.
This was announced earlier by the Savola Group on Tadawul on Jan. 20 2014 as a result of the strong performance of the retail sector and good performance of the group's associates.
Rahimi reported that the board of Savola management has recommended a cash dividend amounting to SR266.99 million to be distributed to its shareholders for the fourth quarter of 2014 at the rate of (SR0.50) per share which represents 5 percent of the nominal value of the company's shares.
One major reason is continued growth in sales and increased market share in the retail sector which besides the increase of the group's share of net income from some of its associates is due to the positive impact of lower zakat and income tax minority interest and lower financing expenses net.
He added that despite the increase in operating expenses the group has been able to allocate SR67.4 million against diminution of its investments in Capital Investment Fund and Bridges Investment Fund Swicorp which reflected positively in the full-year results.
Rahimi stated that the figures also reveal Savola Group's excellence; it has recorded a net profit of SR 2.07 billion for 2014 compared to the net profit of SR1.7 billion in the previous year an increase of 21.6 percent.
Net profit before capital gains and special items for 2014 reached SR1.93 billion an increase of 23 percent compared to last year and an increase of 7.2 percent over the expectations of SR1.8 billion.
This was announced earlier by the Savola Group on Tadawul on Jan. 20 2014 as a result of the strong performance of the retail sector and good performance of the group's associates.
Rahimi reported that the board of Savola management has recommended a cash dividend amounting to SR266.99 million to be distributed to its shareholders for the fourth quarter of 2014 at the rate of (SR0.50) per share which represents 5 percent of the nominal value of the company's shares.
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