Savola Group — Interim / Quarterly Report 2011

Jan 17, 2012

SAVOLA GROUP ANNOUNCES ITS INTERIM CONSILDATED FINANCIAL RESULTS FOR THE PERIOD ENDED 31 DEC. 2011 (TWELVE MONTHS)

2050 · 17/01/2012 19:13:01 · Announcement #23675 · View on Saudi Exchange

SAVOLA GROUP ANNOUNCES ITS INTERIM CONSILDATED FINANCIAL RESULTS FOR THE PERIOD ENDED 31 DEC. 2011 (TWELVE MONTHS)

Savola announced its interim consolidated financial results for the year ended 31 Dec. 2011 as follows:

1) For 4th quarter ended 31 Dec. 2011 Savola achieved net income of SR 498.6M, increase of 24,830% compared to same quarter last year SR2Million and increase of 61.9% compared to the third quarter 2011 SR307.9M

2) Gross profit for 4th quarter ended 31 Dec. 2011 amounted to SR 1.16 B, increase of 17.1% compared to same quarter last year SR994.7M

3) Operating profit for 4th quarter ended 31 Dec. 2011 amounted to SR 587.5M, increase of 32.7% compared to same quarter last year SR442.8M

4) Net income for twelve months ended 31 Dec. 2011 amounted to SR 1.2 B, increase of 35.6% compared to last year SR 886.7M

5) Earnings per share for the twelve months ended 31 Dec. 2011 were SR 2.40, as compared to SR1.77 for last year

6) Gross profit for twelve months ended 31 Dec. 2011 amounted to SR 3.97 B, increase of 16.1% compared to last year SR3.42 B

7) Operating profit for twelve months ended 31 Dec. 2011 amounted to SR 1.8 B, increase of 20% compared to last year SR1.5 B

8) The increase in the Groups net income for 4th Q 2011 and for the year ended Dec. 31, 2011, as compared to the same periods last year, is attributed mainly to the turnaround in profitability of overseas operations of Foods Sector, continued sales growth and increase market share in Retail Sector, capital gain of SR 153M resulting from sale of lands during 4th Q 2011, impairment provisions taken during q4 for 2010 and Herfy IPO capital gain in Q1 2010. Revenues for the 4th Q, 2011 reached to SR 6.6 B increase of 15.8% compared to the same quarter last year, which bringing the total revenues for the twelve month ended 31 Dec., 2011 to 25.3 B an increase of 20.5% compared with same period last year. Dr. Abdulraouf Mannaa, MD of Savola, declares that, the Group has recorded its highest ever net income before capital gains and exceptional items for, both, the 4th Q and the year end, also he highlighted that the 4th Q 2011 net income of SR 370M (before capital gain and exceptional items) is 25% higher than the announced forecast of SR 296 M. Also, the net income of the Group for the year 2011 (before capital gain & exceptional items) reached SR 1.07B, which is 7% higher than the forecast of SR 1 B despite challenges in the overseas markets and substantial increase in raw material prices. Certain comparative figures have been reclassified to conform current quarter an d year end presentation

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