Savola Group — Earnings Release 2013

Feb 20, 2014

Savola Group announces the annual financial results for the period ending on 31-12-2013

2050 · 20/02/2014 15:48:04 · Announcement #33359 · View on Saudi Exchange

Savola Group announces the annual financial results for the period ending on 31-12-2013

Element	Current year	Previous year	% Change
Net profit (loss)	1,704	1,402	21.54
Earning or loss per share, Riyals	3.37	2.8	-
Gross profit (loss)	4,936	4,792	3.01
Operational profit (loss)	2,587	2,456	5.33

*All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of annual financial results	The increase in the net profit for the year ended 31 December 2013 compared with last year is attributed mainly to the continued growth and increased market share in Retail Sector and the capital gain of SAR 231.4 million resulting from the sale of the Group stakes in the lands in Al-Madinah Al-Munauwarah to Knowledge Economic City Company. The Group recognized impairment loss of SR 100 million for its investment in Intaj Fund. Also, there is positive impact of reduced financial charges. The revenues of the Group for the full year are also impacted due to the lower commodity prices worldwide in addition to the hyperinflation impact on the revenues of Group operations in Iran and Sudan.
Reclassifications in annual financial results	Certain comparative figures have been reclassified to conform to this year presentation.
Other notes	Dr. Abdulraouf Mannaa, CEO & MD of Savola Group, stated by the Grace of Almighty Allah, Group has recorded net income for full year of 2013 amounting to SR 1.7 Billion compared to SR 1.4 Billion of last year, an increase of 21.6%. He also emphasized that the Group net income (before capital gain and exceptional items) reached to SAR 1.57 Billion which is 16% higher than the last year and 5% higher than the forecast of SAR 1.5 Billion announced on Tadawul on 16 January 2013 despite challenges faced by the Group in the overseas markets. The Group has increased its capital from SR 5,000,000,000 to SAR 5,339,806,840 during the year 2013 by issuing new additional shares of 33,980,684. Earnings per share for the year has been calculated by using weighted average number of shares outstanding of 505.7 million shares by taking the first ten month as 500 million shares and for the last two months of the year as 533.9 million shares (after the capital increase).

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