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Savola Group announces its Interim Financial Results for the Period Ended on 2021-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 5,953.65,922.90.5185,183.314.861
Gross Profit (Loss) 1,211.61,223-0.9321,069.613.275
Operational Profit (Loss) 372.7408.5-8.763224.466.087
Net Profit (Loss) after Zakat and Tax 153.8172.8-10.99544.7244.071
Total Comprehensive Income 274.219.41,313.40275.1265.113
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 8,507.17,609.711.792
Profit (Loss) per Share 0.290.32
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The decrease in the net profit for the 1st quarter, 2021 compared to the net profit for the same quarter last year is attributed mainly to the following:

-Decrease in the gross profit is mainly due to the lower sales and margins in the retail sector;

-Lower share of profits from associates;

-Higher operating expenses; and

-Higher Zakat and income-tax expense.

The decrease in net profit is despite of the lower net finance cost resulting from lower financial charges on borrowings.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The increase in the net profit for the 1st quarter, 2021 compared to the net profit for the previous quarter is attributed mainly to the following:

-Higher gross profit due to higher sales and margins;

-Higher share of profit from an associate;

-Lower zakat and income tax expense; and

- Impairment loss, being recorded in the quarter ended 31 December 2020.

The increase in net profit is recorded despite of the following:

-Higher operating expenses; and

-Higher net finance cost.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Items, elements and notes of the comparatives in the Condensed Consolidated Interim Financial Statements have been redisplayed, regrouped and reclassified to meet with the applied accounting policies for the current period, 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 18 (Amendments to standards and standards issued and not yet effective) in the Condensed Consolidated Interim Financial Statements for the period ended March 31, 2021 and March 31, 2020.
Additional Information Revenue by segment before inter segment eliminations: For the first quarter 2021 as compared to same quarter previous year, revenues increased in the Food Processing and Food Services segments by 17.4% and 4.4% respectively. While revenues decreased in the Retail and Frozen Food segment by 12.2% and 8.9% respectively, compared to same quarter previous year.

Net profit by segment: For the first quarter 2021 as compared to same quarter previous year, net profits from the Food Processing, Investments and Frozen Foods increased by 41.1%, 17% and 5.4% respectively. The Retail segment recorded a net loss of SAR 51.68 million in the first quarter 2021 compared to a net profit of SAR 10.83 million same quarter previous year.

The Condensed Consolidated Financial statements for the period ended 31st March 2021, will be available through the following link on Savola’s website, and Savola’s Investment Relation App after sending it to the relevant authorities: 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

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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