JEDDAH, 23 April 2003 — The Savola Group has announced a net profit of SR51.2 million for the first quarter of the fiscal year 2003, compared to SR42.2 million in the same period last year. This represents an increase of 20 percent over the same period last year.
Reporting the results, group Chairman & Managing Director Adel M. Fakeih said Savola sales for the quarter amounted to SR938.3 million compared to SR828.4 million in the corresponding period last year, representing an increase of 13 percent.
Fakeih also declared that the Savola share profit for the first quarter amounted to SR4.07 per share compared to SR3.38 for the same quarter of 2002. Shareholder equity for the quarter reached SR1.8 billion as against SR1.6 billion for the same period last year. “The increase in sales, profitability and empowerment of the group’s competitive position is a result of the group’s commitment to its ‘balanced way’ concept, which requires commitment to three core values drawn from our Islamic heritage: ‘Amanah’ (honesty) — our responsibility to shareholders; ‘Taqwa’ (conscientiousness) — our responsibility to our customers, suppliers and the community at large; ‘Birr’ (caring justice) — our responsibility toward our colleagues and employees of the company. We aspire to practice the highest levels of these values in a balanced way where no single value dominates the others,” Fakeih pointed out.
The group, a manufacturing Saudi joint stock company, involved in edible oils, sugar, packaging and retailing.
