Saudi Arabia’s The Savola Group posted SAR 434.4 million net profit for the fourth quarter of 2014, with a decline by 23% year-over-year from SAR 564.2 million and 38% quarter-on-quarter from SAR 701.4 million.

FY14 net profit amounted to SAR 2,072.3 million, with 22% rise from SAR 1,704.5 million a year earlier.

Meanwhile, Savola’s board proposed the distribution of cash dividend for Q4-14 at SAR 266.99 million, or SAR 0.50 per share (5% of stock par value).

The eligibility of the cash dividend will be for shareholders of record till the close of trading on general meeting date to be announced later.

Thus, the company’s total dividends for the fiscal year 2014 will amount to SAR 1,201 million, or SAR 2.25 per share (22.5% of stock par value).

Eng. Abdullah bin Mohammed Nour Rahimy said the group expects SAR 1,815 million net profit (before capital gains) in FY15.

Photo Credit: Arabianeye-Reuters