Savola Group Company announced earnings results for the fourth quarter and year ended Dec. 31, 2013. For the quarter, the company's net profit was SAR 564 million against SAR 413 million a year ago. Operational profit was SAR 563 million against SAR 797 million a year ago. The increase in the group net income for fourth quarter compared to the same quarter last year is attributed mainly to the continued growth in revenues and increased market share of retail sector and the capital gain of SAR 231.4 million resulting from the sale of the groups s takes in the lands in AlMadinah AlMunauwarah to knowledge economic city company. Gross Profit and operating profits have decreased mainl y due to the impact of accounting treatment on the Group operations in Iran and Sudan which are considered a s hyper inflationary economies for the year ended December 31, 2013, whereby adjustments have been made in all the line items of balance sheets and income statements of those operations and full year impact have been recognized in fourth quarter financials of the group.

For the year, the company's net profit was SAR 1,704 million against SAR 1,402 million a year ago. Operational profit was SAR 2,577 million against SAR 2,456 million a year ago. Earnings per share was SAR 3.37 against SAR 2.8 a year ago. The increase in the net profit for the twelve month of 2013 compared to the same period of last year is attributed mainly to the continued growth and increased market share in retail sector and capital gain of SAR 231.4 million resulting from the sale of the groups stakes in the lands in AlMadinah AlMunauwarah to knowledge economic city company mentioned above.