Savola Group — Interim / Quarterly Report 2013

Oct 24, 2013

Savola Group announces the interim financial results for the period ending on 30-09-2013 (Nine Months)

2050 · 24/10/2013 09:42:08 · Announcement #32221 · View on Saudi Exchange

Savola Group announces the interim financial results for the period ending on 30-09-2013 (Nine Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	457.4	405.2	12.88	387.8	17.95
Gross profit (loss)	1,167.4	1,175.5	-	1,249.6	-
Operational profit (loss)	654.6	616.8	6.13	648.1	1
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	1,140.3	988.9	15.31
Gross profit (loss)	3,821.6	3,386.6	12.84
Operational profit (loss)	2,014	1,659.5	21.36
Earning or loss per share, Riyals	2.28	1.98	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	Due to continued sales growth and increased market share in its Retail Sector. Also, during Q3 2013, Savola Group recognized net dividends income of SAR 67.9 million from Joussour Holding Company (a private equity fund). It is worth mentioning that during Q3 2012, the Savola Group recorded a capital gain of SAR 46M on disposal of Emaar Economic City shares.
Reasons of increase (decrease) for period compared with same period last year	Due to continued sales growth and increased market share in its Retail Sector and sustained growth in the Edible Oil segment. Also, during Q3 2013, Savola Group recognized net dividends income of SAR 67.9 million from Joussour Holding Company (a private equity fund). It is worth mentioning that during Q3 2012, the Savola Group recorded a capital gain of SAR 46M on disposal of Emaar Economic City shares.
Reasons of increase (decrease) for quarter compared with previous quarter	Due to continued sales growth and increased market share in its Retail Sector and lower operating expenses, financial charges and foreign income tax expenses. Also, during Q3 2013, Savola Group recognized net dividends income of SAR 67.9 million from Joussour Holding Company (a private equity fund). Gross profit decreased mainly due to the loss of revenues caused by fire incident at raw sugar warehouse in Jeddah.
Reclassifications in quarterly financial results	Certain comparative figures have been reclassified to conform to this quarter presentation.
Other notes	Dr. Abdulraouf M. Mannaa, CEO and MD of Savola Group, highlighted that the 3rd quarter net income (without capital gain) reached SR 457.4 Million which is 23.6% higher than the announced forecast of SR 370 Million. He also mentioned that, with regards to the full year of 2013 forecast, the Savola Group is confident in achieving its earlier announced forecast of net income (before capital gain) of SAR 1.5 Billion, Insha Allah.

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