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FINANCIAL NEWS
Saudi Savola net profit hits USD551.65m in 2014
25 Feb 2015
(MENAFN) Saudi-based Savola Group surpassed its 2014 profit expectations when the group achieved a net profit of USD551.65 million for the year, Saudi Gazette reported.
Savola’s USD551.65 million net profit marked a 21.6 percent increase over the USD453.04 million of 2013. Net profit before capital gains and special items in 2014 hit USD514.34 million.
The group’s chief executive engineer attributed the profit to the continued growth in sales and increased market share in the retail sector, the positive impact of lower zakat, minority interest, and lower financing expenses.
The Group was able to allocate an amount of USD17.96 million to Capital Investment Fund and Bridges Investment Fund, in spite of the increase in operating expenses.
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