Savola group net profit widens by 17% in first 6 Months of 2013

The Savola Group achieved a net profit of SR683 million for the first six months of 2013, or an increase of 17 percent compared to the same period last year, the company said in a statement Wednesday. The gross profit for the period covered amounted to SR2.6 billion, an increase of 19 percent compared to the same period last year. The Group operating profit for the first six months amounted to SR1.36 billion, an increase of 30 percent compared to same period last year. Earnings per share (EPS) were SR1.37 against SR1.17 in the period covered. The Group’s net profit for the second quarter ended June 30, 2013 amounted to SR387.8 million, an increase of 13.6 percent compared to SR341.3 million for the same quarter last year. Dr. Abdulraouf Mannaa, the Group CEO and Managing Director, said the increase in the Group’s net profit for the 2nd quarter of 2013 is mainly due to sustained growth in the edible oil segment both local and overseas, continued sales growth and increased market share in its retail sector, as well as the seasonal demand every year in the food sector.