The first consolidated financial results of Savola shows that its sales for 2004 exceeded SR5 billion, marking a 25 percent increase over 2003, which was SR4.1 billion. The company posted SR500 million profit by the end of 2004 with 67 percent increase over the previous year, which was SR301 million.
Announcing the results Sunday Savola Group Board Chairman & Managing Director Adel Fakeeh said that it had achieved its strategic “555” goal a year ahead of plan. The company had earlier announced its 555 goal in the fiscal year 2000 in which Savola had promised to work toward achieving SR5 billion sales and SR500 million net profit by 2005.
Savola began in 1979 with a capital of SR 40 million and 50 employees. Today, the Group has over 5,000 employees and a market capitalization over SR5 billion.
Its headquarters are in Jeddah, with manufacturing facilities across four Middle Eastern countries.
