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Savola Group announces its Interim Financial Results for the Period Ended on 31/03/2023 (Three Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 7,814.5 | 7,489.4 | 4.34 | 6,604.6 | 18.32 |
| Gross Profit (Loss) | 1,502 | 1,285.4 | 16.85 | 1,192.1 | 26 |
| Operational Profit (Loss) | 738.2 | 528.9 | 39.57 | 248.5 | 197.06 |
| Net Profit (Loss) after Zakat and Tax | 392.7 | 270.9 | 44.96 | 94.5 | 315.56 |
| Total Comprehensive Income | 233 | 118.4 | 96.79 | -149.3 | - |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (after Deducting Minority Equity) | 8,491 | 8,177.9 | 3.83 |
| Profit (Loss) per Share | 0.74 | 0.51 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The Group recorded net profit during Q1 2023 amounting to SAR 393 million versus net profit of SAR 271 million for the same quarter last year. The increase in net profit is mainly attributed to the following: - Increase in net profit of the Food Processing segment; - Higher share of profits from associates; - Capital gain amounting to SAR 18.5 million on the disposal of investment in Savola Morocco Company; - Refund of custom duty from regulatory authority in KSA having a net impact of SAR 23.3 million. The increase in net profit is despite the following: - Higher operating expenses; - Higher net finance cost; and - Higher zakat and income tax expense. The Group reported Revenues of SAR 7.8 billion during Q1 2023 compared to SAR 7.5 billion for the same quarter last year, showing a 4.3% increase. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The Group recorded net profit during Q1 2023 amounting to SAR 393 million versus net profit of SAR 94.5 million for the previous quarter ended 31 December 2022. The increase in net profit is mainly attributed to the following: - Increase in net profit of the Food Processing segment; - Higher share of profits from associates; - Lower operating expenses; - Refund of custom duty from regulatory authority in KSA having a net impact of SAR 23.3 million. The increase in net profit is despite the following: - Lower capital gain on disposal of investments; - Higher net finance cost; and - Higher zakat and income tax expense. The Group reported Revenues of SAR 7.8 billion during Q1 2023 compared to Revenues of SAR 6.6 billion for the previous quarter ended 31 December 2022, showing an 18.3% increase. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Reclassification of Comparison Items | Items, elements and notes of the comparatives in the Condensed Consolidated Interim Financial Statements have been reclassified to meet with the applied accounting policies for the current period, which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please refer to Note 19 (Amendments to standards and standards issued and not yet effective) in the Condensed Consolidated Interim Financial Statements for the period ended March 31, 2023 and March 31, 2022. |
| Additional Information | Revenue by segment before inter segment eliminations: For the three-month period ended 31 March 2023 as compared to the same period in the previous year, revenues increased in the Retail, Food Processing and Frozen Food segments by 11%, 2% and 15%, respectively. While revenues decreased in the Food Services segment by 16% compared to the same period in the previous year. The increase in revenue in the Retail segment during the current period as compared to the same period in the previous year is mainly due to increase in sales transactions. Net profit by segment: For the three-month period ended 31 March 2023 as compared to the same period in the previous year, net profit from the Food Processing and Frozen Food segments increased by 81% and 13%, respectively. The Retail segment recorded a net loss of SAR 14 million in the three-month period ended 31 March 2023 compared to a net loss of SAR 35 million in the same period in the previous year. The Food Services segment recorded a net loss of SAR 13 million in the three-month period ended 31 March 2023 compared to a net profit of SAR 28 million in the same period in the previous year. The Condensed Consolidated Financial Statements for the period ended 31 March 2023, will be available through the following link on Savola’s website, and Savola’s Investment Relation App after sending it to the relevant authorities, through the following link: http://www.savola.com/SavolaE/Financial_Reports.php The quarterly investor presentation will be available on Savola’s website within the Investors section at the following link: https://www.savola.com/en/investors/investor-relations/financial-information/earnings-presentations |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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