Jan 19 2010 |
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Savola sees retail sector driving 2010 growth
JEDDAH -- The Savola Group , posted on Monday a SR269 million net profit for the fourth-quarter compared to a loss of SR464 million for the same period in 2008. Total net profits for the year reached SR952 million, compared to SR202 million in the previous year.The group reported its highest income from core operations of SR851 million which is three times what it had achieved three years ago.
Announcing the results at a press conference, Savola Group Managing Director Sami M. Baroum said the operating results broke records across the board compared to those of a year ago. Gross profit for Q4, 2009, reached SR747 million compared to SR272 million for the same period of 2008, a 175 percent increase. Income from operations for 2009 reached SR1.35 billion, a 102 percent increase over the previous year results, driven by the stability in raw material prices, according to a report published today by Arab News.
The group continued to maintain growth in all of its core operations. This was reflected in a substantial increase in sales revenues to SR18 billion, a 30 percent increase over the results of the previous year, effectively doubling its revenues of 2006. “This lends credibility to the group strategy and its ability to maintain a sustainable growth drive supported by the quality of its products, loyalty of its customers and its competitive drive in the markets where it operates,†Baroum added.
The group generated SR2,300 million in cash from operations in addition to SR700 million being generated from sales of assets. The Group invested SR700 million in capital expenditure and expansion plans. "It also invested SR1,200 million in buying minority stakes in our core businesses as well as to fund dividend payments".
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