Profits of food and agro industry sector grew by 14 percent to reach SR4.4 billion by the end of 2013 compared to SR3.9 billion in 2012, according to a financial report.

The Savola Group was the major driver of the sector profits as its share stood at 55 percent of the sector’s total profits. Profits of the group grew by 22 percent in 2013 to reach SR1.7 billion compared to SR1.4 billion in 2012, the report, prepared by Al-Eqtesadiah daily, said.

The robust growth of its profits was mainly attributed to the realization of capital profits of SR231.4 million as a result of a land sale in Madinah to the Knowledge Economic City, the report said.

Jazan Development Company was the second in rank to push the sector profit growth. It registered net profits of SR123 million in 2013 compared to losses of SR18 million in 2012, the report said.

Ranking the third biggest profit driver, Saudi Arabian Airlines Catering Company posted SR569 million in 2013 compared to SR487 million in 2012, or an increase of 16.8 percent, the report stated.

Profits of Almarai, meanwhile, grew by 4 percent to SR1.5 billion compared to SR1.44 billion in the previous year whereas Herfi Company posted SR191 million in profits in 2013 compared to SR181 million in 2012, the report said.

Profits of other companies in 2013 were as follows: Halwani Brothers SR93 million compared to SR87 million, NADEC SR100 million compared to SR96 million, and SADAFCO SR118 million compared to SR114, the report said.

However, profits of Jouf Company marginally grew by 2 percent in 2013 whereas it registered 20 percent and 28 percent growth rates in 2012 and 2011, respectively, the report said.

Five other companies have negatively affected the profit base of the sector as they registered varying levels of losses.

Al-Anaam Holding incurred losses of SR33 million in 2013 compared to profits of SR9 million in 2012. The losses were reportedly attributed to rental and storage losses worth SR9 million in addition to increased provisions set aside for equipment depreciation. Meanwhile, losses of Fishery Company rose to SR48 million compared to its SR40 million losses in 2012 and, likewise, Qasim Agro Company incurred losses of SR12 million compared to SR8 million, the report said.

On the other hand, losses of Al-Sharqiyah Development Company jumped to SR6 million compared to SR3 million in 2012 whereas Bisha Company posted SR1 million losses in 2013, which are equivalent to its losses in 2012, the report said.