Dr. Abdulraouf Mannaa THE Savola Group has announced historic and record net income of SR1.4 billion for the 12 months ended 31 Dec. 2012, an increase of 16.7 percent. Announcing its interim consolidated financial results for the year, Dr. Abdulraouf Mannaa, Group Managing Director, said the Group's gross profit for 4th quarter ended 31 Dec. 2012 amounted to SR1.41 billion, an increase of 21.6 percent compared to SR 1.16 billion for the same quarter last year and its operating profit for 4Q 2012 amounted to SR 792.2 million, an increase of 32.3 percent compared SR 598.9 million for the same quarter last year. He said the increase in net income in the fourth quarter of 2011 which reached SR498.6 million compared to SR413.4 million (a 17 percent increase) is attributed mainly to the capital gain of SR153 million resulting from the sale of two lands during Q4 2011, whereas the net profit for Q2 2012 increased by 2 percent compared to the previous quarter of 2012 which amounted to SR405.2 million. Earnings per share for the year 2012 were SR2.80 compared to SR2.40 last year Gross profit for the last 12 months amounted to SR4.76 billion, an increase of 19.9 percent compared to SR 3.97 billion last year. Operating profits for 2012 amounted to SR2.45 billion, an increase of 36.1 percent compared to SR1.80 billion last year. The increase in Group profits is attributed mainly to the good performance of overseas operations of the foods sector and the continued growth of revenues, which reached SR27.4 billion compared to SR25.2 billion last year, as well as increased market share in the Retail sector and capital gain of SR47 million from the sale of Emaar Economic City shares. – SG
