Savola Group announces its Annual Financial Results for the year Ended on 2020-12-31

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 21,701.921,406.41.38
Gross Profit (Loss) 4,640.44,504.33.021
Operational Profit (Loss) 1,660.81,30926.875
Net Profit (Loss) after Zakat and Tax 910.8475.691.505
Total Comprehensive Income 817.2462.876.577
Total Share Holders Equity (after Deducting Minority Equity) 8,232.17,590.28.456
Profit (Loss) per Share 1.710.89
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 increase in the net profit for the year ended 31st December 2020 compared to the net profit for the previous year is attributed mainly to the following:

-Higher gross profits due to higher sales and margins;

-Higher share of profits from associates;

-Lower operating expenses; and

- Lower net finance cost

The net profit for the year was achieved despite of the following:

- Higher zakat and tax expense; and

- Decrease in the zakat and tax provision reversal relating to prior years’ assessments which was recorded in the prior year.

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 redisplayed, regrouped and 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 39 (Amendments to standards and standards issued and not yet effective) in the Consolidated Financial Statements for the year ended December 31, 2020 and December 31, 2019.
Additional Information Revenue by segment before inter segment eliminations: For the year of 2020 as compared to last year, revenues increased in the Retail and Frozen Food segment by 8.9% and 18.8%, respectively. While revenues decreased in the Food Processing and Food Services segments by 6.1% and 16.6% respectively, compared to last year.

Net profit by segment: For the year 2020 as compared to last year, net profits from the Food Processing, Frozen Foods and Investments increased by 6.4%, 57.1% and 15.6%, respectively. The Retail segment recorded a net profit of SAR 71.27 million in 2020 compared to a net loss of SAR 342.41 million last year.

The Consolidated Financial statements for the year ended 31st December 2020 will be available through the following link on Savola’s website, and Savola’s IR App after sending it to the relevant authorities:

The Capital Market Authority and the Saudi Stock 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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