Savola Sime Foods Egypt recorded net losses of 8.5 million Egyptian pounds ($1.8 million) in 2001 compared to profits reaching EP55.4 million in 2000, company financials showed. Savola attributed the losses mainly to a 21 percent fall in sales, amounting to $279.5 million and an 11 percent slip in the cost of goods sold (COGS).
General and administrative expenses increased by 73 percent reaching EP 15.54 million, foreign exchange losses reached EP 5.6 million compared to gains of EP 1.12 million in 2000, and depreciation expenses leaped three-fold reaching EP 2.9 million.
Savola’s provisions leaped two-fold reaching EP 8.9 million, which offset a 30 percent drop in interest expense that reached EP 7.02 million, and an 86 percent increase in other income that reached EP 1.6 million.
The Savola Sime Foods Limited Company (SSFL) is a jointly owned subsidiary of Consolidated Plantations Berhad and Savola Edible Oil Company of Saudi Arabia. SSFL owns two palm oil refineries in Egypt, one located in Suez and the other in Tenth Ramadan. The refineries have a combined annual refining capacity of 120,000 tons of crude palm oil. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
