JEDDAH — Savola Group beats profit expectations for 2014 as announced earlier on Tadawul website by achieving a net profit of SR2.07 billion. Its Managing Director and Chief Executive Engineer Abdullah bin Mohammed Noor Rahimi attributed the Savola Group high profit rates during the fiscal year 2014 to 4 main reasons — continued growth in sales and increased market share in the retail sector, the positive impact of lower zakat and income tax, minority interest and lower financing expenses. Despite the increase in operating expenses, the Group has been able to allocate an amount of SR67.4 million to Capital Investment Fund and Bridges Investment Fund - Swicorp which reflected positively in the full-year results. Savola Group has recorded a net profit of SR2.07 billion for 2014 compared to a net profit of SR1.7 billion in the previous year, an increase of 21.6 percent, while net profit before capital gains and special items for 2014 reached SR1.93 billion. Moreover, Rahimi said the Board of Savola 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 SR 0.50 per share, representing 5 percent of the nominal value of the company's shares. — SG
