Savola Packaging Systems Company reported a net profit of SAR 50.2 million for fiscal year 2014, a 28 percent decline compared to the previous year.
Profit was hit by high processing costs, intense competition in the market, as well as poor performance of its affiliates, which saw revenues drop by more than 70 percent.
Savola Packaging said that its affiliate, Sharq Plastic, recorded a decline last year due to increased processing costs and lost contracts.
New Marina Plast, the company’s subsidiary in Egypt, saw earnings deteriorate on increased processing costs and a weak Egyptian pound.
|
Savola’s Results 2010-2014 (SAR mln) |
|||||
|
2014 |
2013 |
2012 |
2011 |
2010 |
Period |
|
1,110 |
1,119.6 |
1,053.2 |
1,001.5 |
883.9 |
Sales reveue |
|
50.2 |
69.5 |
100.2 |
91.2 |
100.0 |
Net profit |
|
Net Profits of Affiliates 2010-2014 (SAR mln) |
||||||
|
2014 |
2013 |
2012 |
2011 |
2010 |
Company |
|
|
7.9 |
26.7 |
27.0 |
11.1 |
10.2 |
Sharq Plastic |
|
|
1.9 |
7.7 |
8.2 |
28.9 |
20.9 |
New Marina Plast |
|
|
40.4 |
35.0 |
64.8 |
52.5 |
77.5 |
Savola Packaging Systems |
|
|
50.2 |
69.5 |
100.2 |
91.2 |
100.0 |
Net profit |
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