Savola Group Announces its Annual Financial Results for the Year Ended on 31-12-2022

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1444/09/05     27/03/2023 08:17:56

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 28,054.724,669.213.72
Gross Profit (Loss) 4,874.14,478.78.83
Operational Profit (Loss) 1,701.61,016.367.43
Net Profit (Loss) after Zakat and Tax 742.8221.9234.75
Total Comprehensive Income 294254.815.38
Total Share Holders Equity (after Deducting Minority Equity) 8,254.78,078.62.18
Profit (Loss) per Share 1.390.42
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
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 2022 amounting to SAR 743 million versus net profit of SAR 222 million for last year. The increase in net profit is mainly attributed to the following:

- Increase in gross profit primarily due to improved gross profit in the Food Processing segment;

- Higher share of profits from associates;

- Capital gain amounting to SAR 42 million on the sale of an equity-accounted investment.

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 28.1 billion during the year ended 31 December 2022 compared to SAR 24.7 billion for the same period last year, showing a 14% increase.

Statement of the type of external auditor's report Unmodified opinion
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 2022, 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 41 (Amendments to standards and standards issued and not yet effective) in the Consolidated Financial Statements for the year ended on 31 December 2022 and 31 December 2021.
Additional Information Revenue by segment before inter segment eliminations:

For the year ended 31 December 2022 as compared to the previous year, revenues increased in the Food Processing and Frozen Foods segments by 30% and 4%, respectively. While revenues decreased in the Retail and Food Services segments by 3% and 5% respectively, compared to the previous year.

The increase in revenue in the Food Processing segment during the current year as compared to the previous year is mainly due to increases in commodity prices.

Net profit by segment:

For the year ended 31 December 2022 as compared to the previous year, net profit from the Food Processing segment increased by 28%.

The Retail segment recorded a net loss of SAR 158 million in the year ended 31 December 2022 compared to a net loss of SAR 587 million in the previous year. The decline in loss in the Retail segment is partially due to certain net impairment charges taken during 2021.

For the year ended 31 December 2022 as compared to the previous year, net profit from the Frozen Foods segment declined by 26%.

The Condensed Consolidated Financial Statements for the year ended 31 December 2022, 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:

The annual investor presentation will be available on Savola’s website within the Investors section at the following link:

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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Last Price 36.8
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