The Savola Group has announced its net income at SR 341.3 million ($91.01 million), for the second quarter ended June 30, an increase of 48 per cent compared to the same period last year at SR230.7 million.

Dr Abdulraouf M Mannaa, the managing director of The Savola Group, said: “It is an increase of 40.9 per cent compared to SR242.3 million for the first quarter bringing the total net income for the six months ended June 30 amounted to SR583.6 million an increase of 47.4 per cent compared to same period last year of SR395.9 million.”

Gross profit for second quarter ended June 30 amounted to SR 1.2 billion an increase of 24.6 per cent compared to same quarter last year of SR 963.2 million, bringing the total gross profit for the six months ended June 30 to SR2.2 billion, an increase of 22.2 per cent compared to the same period last year at SR1.8 billion.

Operating profit for second quarter ended 30 June amounted to SR603.8 million, an increase of 42.6 per cent compared to the same quarter last year at SR423.4 million bringing the total operating profit for six months ended June 30 to SR1.04 billion an increase of 42.4 per cent compared to same period last year at SR730.1 million.  

“The increase in the group’s net income for second quarter 2012, the six month period ended June 30 as compared to the same quarter and period last year is mainly due to turnaround in profitability of its operations in foods sector, continued sales growth and increased market share in its retail sector, as a result its revenues for the six month ended June 30 reached SR13.57 billion an increase of 13.6 per cent compared to the same quarter last year of SR11.95 billion,” Dr Mannaa said.

“The second quarter net income reached SR341.3 million which is 10 per cent higher than the forecast of SR310 million,” he added.
    
Savola expects to accomplish net income SR340 million for the third quarter of 2012, he said.

Dr. Abdulraouf M. Mannaa, Group Managing Director announced that the

“Savola Group’s board of directors, has approved the distribution of SR150 million, (SR0.30 per share) as dividends for the second quarter to the shareholders registered in the company books. The dividends payments process will start as of August 11,” Dr Mannaa concluded. – TradeArabia News Service