The Savola Group achieved consolidated net income of SR1.2 billion in 2011, an increase of 35.6 percent compared to the previous year's SR886.7 million, the company said in a statement Tuesday. Earnings per share is SR2.40, compared to SR1.77 for the previous year. Gross profit amounted to SR3.97 billion, an increase of 16.1 percent compared to SR3.42 billion in 2010. Operating profit amounted to SR1.8 billion, an increase of 20 percent against SR1.5 billion in 2010. Dr. Abdulraouf Mannaa, Savola Group Managing Director, said: "The increase in the Group's net income for the year ended Dec. 31, 2011, as compared to last year, is attributed mainly to the turnaround in profitability of start-ups and overseas operations of the foods sector, continued sales growth and increase market share in the retail sector, capital gain of SR153 million resulting from sale of two lands during 4th quarter 2011, impairment provisions taken during 2010, and Herfy IPO capital gain in Q1 2010. Revenues for the year ended 31 December 2011 reached SR25.2 billion, an increase of 20 percent compared to same period last year." "2011 was the best ever financial year for The Savola Group. We recorded the highest ever net income for the year 2011, achieving SR1.08 billion (before capital gain and exceptional items), which is 15.8 percent higher than SR933 million achieved during the previous year, despite challenges in the overseas markets and substantial increases in raw material prices,"
