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Savola Group Announces its Annual Financial Results for the Year Ended on 31/12/2023.
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 26,818.3 | 28,054.7 | -4.41 | ||
| Gross Profit (Loss) | 5,443.3 | 4,874.1 | 11.68 | ||
| Operational Profit (Loss) | 2,331.5 | 1,667.9 | 39.79 | ||
| Net profit (Loss) | 899.2 | 742.8 | 21.05 | ||
| Total Comprehensive Income | 645.5 | 294 | 119.56 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 8,451.4 | 8,254.7 | 2.38 | ||
| Profit (Loss) per Share | 1.69 | 1.39 | |||
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The Group reported Revenues of SAR 26.8 billion during the year ended 31 December 2023 compared to SAR 28.1 billion for last year, showing a 4% decline primarily due to drop in the revenues of the Food Processing segment due to lower crude edible oil prices, foreign exchange devaluation in certain overseas markets, disposal of investment in Savola Morocco Company and temporary suspension of operations in Republic of Sudan because of the ongoing conflict. The decline in revenue during 2023 was despite higher revenue reported in the Retail segment. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The Group recorded net profit for the year ended 31 December 2023 amounting to SAR 899 million versus net profit of SAR 743 million for last year showing a 21% increase. The increase in net profit is mainly attributed to the following: - Increase in gross profit reported in the Food 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. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | NA |
| Reclassification of Comparison Items | Items, elements and notes of the comparatives in the Consolidated Financial Statements have been reclassified to meet with the applied accounting policies for the year, 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 40 (Amendment to Standards and Standards Issued and Not Yet Effective) in the Consolidated Financial Statements for the year ended 31 December 2023 and 31 December 2022. |
| Additional Information | Net profit by segment: For the year ended 31 December 2023 as compared to the previous year, net profit from the Food Processing and Frozen Food segments increased by 12% and 9%, respectively. Ongoing investment in the CXR program contributed favorably towards the Retail segment (Panda) 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 previous year. The 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 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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