The increase in net profit is mainly attributed to the following:

- Increase in gross profit reported in the Foods Processing, Retail and Frozen Foods segments;

- Higher share of profits from associates;

- Lower operating expenses;

- Net impairment reversal amounting to SAR 111.9 million during Q4 2023 for certain non-current assets mainly in the Foods Processing and Retail segments.

Net impairment reversal during Q4 2022 amounting to SAR 65.2 million for certain non-current assets mainly in the Foods Processing, Retail and Food Services segments.

The increase in net profit is despite the following:

- Higher net finance cost;

- Higher zakat and income tax expense; and

- During Q4 2022, the Group recorded capital gain amounting to SAR 41.8 million on the sale of an equity-accounted investment.

The increase in net profit is mainly attributed to the following:

- Increase in gross profit reported in the Foods Processing, Retail and Frozen Foods segments;

- Higher share of profits from associates;

- Net impairment reversal amounting to SAR 111.9 million during Q4 2023 for certain non-current assets mainly in the Foods Processing and Retail segments; and

- Lower zakat and income tax expense.

The increase in net profit is despite the following:

- Higher operating expenses; and

- Higher net finance cost.

The increase in net profit is mainly attributed to the following:

- Increase in gross profit reported in the Foods Processing, Retail and Frozen Foods segments;

- Higher share of profits from associates;

- Net impairment reversal amounting to SAR 111.9 million during 2023 for certain non-current assets mainly in the Foods Processing and Retail segments. Net impairment reversal during 2022 amounting to SAR 65.2 million for certain non-current assets mainly in the Foods Processing, Retail and Food Services segments; and

- 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:

- Capital gain on disposal of investments/operations amounting to SAR 18.7 million during 2023 which is lower than the capital gain on disposal of investments during 2022 amounting to SAR 41.8 million;

- Higher net finance cost;

- Higher operating expenses; and

- Higher zakat and income tax expense.

The Retail segment achieved operational breakeven for the year ended 31 December 2023.

For the year ended 31 December 2023 as compared to the previous year, net profit from the Foods Processing and Frozen Foods segments increased by 12% and 9%, respectively.

Ongoing investment in the CXR program contributed favorably towards the Retail segment recording a net profit of SAR 47 million for the year ended 31 December 2023 compared to a net loss of SAR 158 million in the same period in the previous year.

The Condensed Consolidated Financial Statements for the year ended 31 December 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