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

- Lower share of profits from associates;

- Higher net finance cost;

- Higher operating expenses; and

- Higher zakat and income tax expense.

The decrease in net profit is despite increase in gross profits of the Food Processing and Food Services segments and net profit reported in the Retail segment for Q3 2023.

The Group reported Revenues of SAR 6.4 billion during Q3 2023 compared to SAR 7.1 billion for the same quarter last year, showing a 10.2% decrease primarily due to drop in revenues of Food Processing segment due to lower crude edible oil prices, disposal of investment in Savola Morocco Company and temporary suspension of operations in Republic of Sudan because of the ongoing conflict.

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

- Increase in gross profit of the Food Processing and Retail segments;

- Lower operating expenses; and

- Lower zakat and income tax expense.

The increase in net profit is despite the following:

- Lower share of profits from associates; and

- Higher net finance cost.

The Group reported Revenues of SAR 6.4 billion during Q3 2023 compared to Revenues of SAR 6.1 billion for the previous quarter ended 30 June 2023, showing a 4.2% increase.

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

- Increase in gross profit of the Food Processing and Retail segments;

- Capital gain amounting to SAR 18.5 million on the disposal of investment in Savola Morocco Company; 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:

- Lower share of profits from associates;

- Higher operating expenses;

- Higher net finance cost; and

- Higher zakat and income tax expense.

The Group reported Revenues of SAR 20.2 billion during the nine months ended 30 September 2023 compared to SAR 21.5 billion for the same period last year, showing a 5.6% decrease.

Net profit by segment:

For the nine months ended 30 September 2023 as compared to the same period in the previous year, net profit from the Food Processing segment increased by 4% while net profit from the Frozen Foods and Food Services segments decreased by 14% and 96% respectively.

The Retail segment recorded a net loss of SAR 22 million for the nine months ended 30 September 2023 compared to a net loss of SAR 173 million in the same period in the previous year.

The Condensed Consolidated Financial Statements for the period ended 30 September 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