Savola Group — Earnings Release 2010

Feb 22, 2011

The Savola Group announces its audited financial results for the year ended 31 December 2010.

2050 · 22/02/2011 08:59:46 · Announcement #20422 · View on Saudi Exchange

The Savola Group announces its audited financial results for the year ended 31 December 2010.

The Savola Group announces its audited financial results for the year ended 31 December 2010:

1) The consolidated net income amounted to SR 886.7 million, a decrease of 6.8% compared to last year (SR 951.6 million).

2) Earnings per share (EPS) was SR 1.77 compared to SR 1.90 for last year.

3) Gross profit amounted to SR 3,4 Billion, an increase of 9.7 % compared to the same period last year (SR 3,1 Billion).

4) Operating profit amounted to SR 1,50 Billion, an increase of 8.7% compared to last year SR 1,38 Billion.

5) Revenues amounted to SR21.0 Billion, increase of 17.3% compared to last year of SR17.9 Billion.

Dr. Abdulraouf M. Mannaa, Managing Director of The Savola Group, Stated that the drop in the net income for year 2010 attributed mainly to the outcome of review of Foods business strategy, which aims to entrench its position in core markets that achieved good growth and profitability and re-assess to exit from certain overseas operations. During Q4 2010, the Group has recorded a total impairment provision of SR 283.7 million against accumulated losses in certain overseas operations in foods sector, and impairment losses against some of its investments, such details was previously announced in Tadawul website on 17 January 2011, which related to the financial results of the 4th quarter of 2010.

Certain comparative figures have been reclassified to conform the fiscal year 2010 presentation.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.