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Q1-Eng May 2010 New.Indd Savola Quarterly Newsletter 1st Quarter 2011 Issued by the Savola Group to enhance corporate communication with its Shareholders, Investors and all Stakeholders through furnishing them with its latest developments and performance progress on quarterly basis. Savola Group Grows Its Revenues by 17%, Records a SR 165 Million Net Profit for the First Quarter of 2011, Exceeding Its Announced Forecasts, And Distributes SR 125 Million Cash Dividends To Its Shareholders The Savola Group net profit for the first quarter, 2011 Net revenues for the 1st quarter 2011 compared reaches SR165 million compared to the projected net with the same period last years (in Million Riyals) profit of SR 160 million for the period. 6,000 5,642 The Group forecasts net profit of SR 225 million (before 4,779 5,000 capital gains) for the second quarter 2011. The Savola Group held its annual general Shareholders 4,000 meeting on the 28th of March, 2011, the assembly ap- 3,635 proved the Results of the fiscal year 2010, the distribu- 2,996 tion of dividends and, all other items on the agenda. 3,000 2,247 World sugar prices reduced gradually after unprec- 2,000 edented volatility and increases in raw sugar prices, which has not been witnessed during the past thirty years. 1,000 Savola plastics sector invests in new product lines, tar- 0 geting exports to Europe. 20072008 2009 2010 2011 Panda opens two new stores, bringing the total number 1st Quarter 1st Quarter 1st Quarter 1st Quarter 1st Quarter of its stores to 125 in the Kingdom. Almarai increases its net profits for the first quarter, Net Income for the 1st quarter 2011 compared by 11.2% and enters into a strategic alliance with the with the same period last years (in Million Riyals) Mead Johnson Global Company. 2007 Highlights on Herfy Foods Company during the first 111 2011 quarter 2011. 165 The Savola Group was honored for sponsoring the Jed- 2008 136 dah Economic Forum (JEF). The Savola Group ranks second among the Public List- 198 ed Companies in the Arab World list, In Corporate 177 Governance And Transparency. The Group continues to maintain Its commitment and ef- forts In corporate social responsibility (CSR) activities. 2009 2010 Attendees from Savola Shareholders during the AGM held on 28th March 2011 The Savola Group Board of Directors www.savola.com 2 Dear Esteemed Shareholders, new CG guide for each of its core sectors, i.e. Foods, Retail and Plastic, This While observing the recent economic transformations which have taken initiative will enhance its internal control, strategic decisions making process place on the business world, we find that the criteria of assessing the value of and risk management. Forward the private sector firms, no longer depends solely on their profitability. New In its commitment to serve the community, the Group continues to roll out a concepts and practices have emerged in this modern era that are helping to range of CSR programs which are organized under the “Savola Bridges” initia- create the added value for the businesses to meet the rapid and dynamic tive. a Key project of the CSR initiative’s is the Savola Center for Empowering developments and challenges that are faced by them around the world. One People with Disabilities (Makeen); this project aims to train differently dis- of the most common and popular concepts that have materialized at this time, abled persons and thereafter help them secure employment within The Group is the emergence of Corporate Governance & Social Responsibility (CG & and its subsidiaries, or other private institutions. The Center launched its pilot CSR). Keeping in line with the Savola Groups Ethics and Values, the Group program during the year 2010 by training and employing 100 differently recognized very early, that Companies can no longer use their financial state- disabled candidates. Preparations are already under way to train the second ments as the sole criteria to measure their successes and boost their reputation; batch of candidates and employ them in suitable positions matching, with their instead they needed to build into their Business Model innovative and proac- competencies and ability. tive solutions to meet the social and environmental responsibilities and chal- The Group is also a key sponsor of the Madina Institute of Leadership and lenges which exist in society. These efforts enabled The Group to be amongst Entrepreneurship program (MILE) in collaboration with Madina Knowledge the pioneering companies in adopting an effective CG & CSR program. Due Economic City Co. (KEC). MILE aims to develop senior management to this proactive endeavor, The Savola Group achieved the second place among resources in Saudi Arabia, as well as in other Arab and Muslim countries. It the top publicly listed companies in the Arab World, in the field of Governance launched two training programs for leaders/executives during the year 2010 & and Transparency, according to the Study Conducted by Standard & Poors, 2011 which included the participation of world class speakers, and top quality Hawkamah Institute for CG and International Financial corporation -IFC in resource including regional case studies. early February 2011. The Group will also engage itself in the small enterprise sector programs As part of The Group’s continuing commitment to enhance further the trans- and to help achieve their goals by focusing on handicraft projects for both the parency and corporate communication levels with its shareholders and the pub- disabled and differently disabled persons. The Group is also exploring and Dr. Ghassan A. Al-Sulaiman lic domain, The Group is adopting the Governance Code issued by the CMA analyzing the feasibility of adopting some of the successful experiences and as one of its’ top priority task, taking the required steps to comply with the role model in the region, in its program. full list of S&P’s disclosure requirement, whilst complying with other interna- The Group will continue in its efforts in the CG & CSR areas keep- tional practices in the area of CG. As an initial step in this area , the Group has introduced a new share monitoring system named the «Transparency Screen». ing in line with its policy of continuing to fulfill its obligations to its stake- This system provides the facility to track and displays changes in shareholder holders and participating in the development of society through adopting ownership, in different categories, which also includes the major sharehold- and implementing sustainable added value programs to society. ers, mutual investment funds, government institutions board members and Best regards, the executive team. This information is published on a monthly basis on the Dr. Ghassan A. Al-Sulaiman company>s website, as well as in its periodic newsletter. In its continuous The Savola Board Member & Chairman of Savola Foods Company Board effort for improvement and in light of the Group’s geographical expansion, Chairman - Compensation, Nomination and CG Committee Savola will be reviewing its Manual on Governance Code, and develop a & CSR Committee The Savola Shareholders Annual General Assembly (AGM) approves, by Majority Votes, all items on the Agenda majority votes, The Savola AGM approved all the items on the agenda By for the meeting, No. (34) held at the Park Hyatt Hotel on Monday 23rd Rabi- Thani 1432H, corresponding to 28th March 2011. The AGM was chaired by Mr. Sulaiman Abdulgadir Al Muhaidib – Chairman of the Board. The legal quorum for this AGM reached 59.29% of the company’s’ share capital, of Five Billion Saudi Riyals. The AGM’s approval’s for all the items exceeded 99% of the votes. The agenda of the AGM included the approval of the Board of Directors’ Annual Report, final audited accounts for the year ending 31st December 2010 and the ratification of the Boards’ recommendation to distribute SR 125 million (SR 0.25 per share) as cash dividends for the fourth quarter of 2010. The total dividends distributed to shareholders for the first three quarters of 2010 at the rate of SR 1 per share amounted to SR 500 million thereby making the total dividends paid for 2010 to SR 625 million (i.e. 12.5% of company share capital at SR 1.25 per share). The maturity date for the fourth-quarter dividends was for those shareholders registered in the company books at the close of trading day of Monday 28th March 2011.The dividends distribution was processed and paid to shareholders on Monday 4th April 2011. Attendees from Savola Shareholders during the AGM held on 28th March 2011 The shareholders also approved to absolve the Board Members from resolution to appoint H. E. Eng. Abdullah Mohammed Noor Rehaimi as any liability pertaining to the management of the company for the year a member of the Board of The Savola Group, effective 21st September 2010 and approved the Groups’ Audit Committee’s recommenda- 2010 till the end of the current Term of the Board, representing the tion, submitted by its Chairman Mr. Abdulaziz Khaled Al Ghufaily Public Investment Fund in the Board membership, replacing H.E Eng. for appointing Pricewaterhouse Adel M. Fakeih, former representative of the Public Investment Fund in Coopers (PWC) as the External the Group Board membership, after his appointment by royal decree as To get e-copy of Auditor for auditing The Group’s Minister of Labor in August 2010 this issue of Savola quarterly accounts and the final During the AGM meeting, the floor was opened to the Shareholders Newsletter: accounts for the fiscal Year 2011 for discussion and questions. All questions raised were addressed by the at a fee of SR 210,000. The AGM Board & the Auditors. The Savola Group is keen to com- also ratified the Board of Directors’ municate with you everywhere, therefore and incase you need an e-copy of this issue, please Savola Board of Directors Approves Distribution of send your e-mail address to the Investor Relations e-mail below: SR 125 Million As Cash Dividends To Its Shareholders [email protected] the Groups policy to distribute quarterly dividends to its shareholders, The Savola Continuing Group Board of Directors approved, the distribution of SR 125 Million (i.e.
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