Savola Group announces its Annual Financial Results for the year ended on 31-12-2021

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 24,669.221,701.913.672
Gross Profit (Loss) 4,478.74,640.4-3.484
Operational Profit (Loss) 1,016.31,660.8-38.806
Net Profit (Loss) after Zakat and Tax 221.9910.8-75.636
Total Comprehensive Income 254.8817.2-68.82
Total Share Holders Equity (after Deducting Minority Equity) 8,078.68,232.1-1.864
Profit (Loss) per Share 0.421.71
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 a net profit amounting to SAR 222 million for the year ended 31 December 2021 compared to SAR 911 million net profit for the previous year due to:

-Higher impairment loss;

-Lower share of profit from associates;

-Higher zakat and tax expense; and

-Zakat and tax provision reversal recorded in the previous year.

Retail segment reported revenues amounting to SAR 10.5 billion during the year representing a 10% decline compared with last year due to the full year impact of increase in VAT to 15%, downtrading by consumers as a result of higher costs and inflationary pressure and post-pandemic demographic changes in KSA.

Operating expenses and net finance cost are lower than last 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 2021, 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 (Amendments to standards and standards issued and not yet effective) in the Consolidated Financial Statements for the year ended on December 31, 2021, and December 31, 2020.
Additional Information Revenue by segment before inter segment eliminations:

For the year of 2021 as compared to last year, revenues decreased in the Retail and Frozen Food segment by 9.8% and 12.7%, respectively. While revenues increased in the Food Processing and Food Services segments by 46.12% and 22.1% respectively, compared to last year.

Net profit by segment:

For the year 2021 as compared to last year, net profits from the Food Processing and Food services segments increased by 1.4% and 215.6%, respectively, while net profits from the Frozen Foods and Investments segments decreased by 26.4% and 18.5%, respectively. The Retail segment recorded a net loss of SAR 586.67 million in 2021 compared to a net profit of SAR 71.27 million last year.

Savola Group will continue focusing on its growth momentum in Food business segments while intensifying its efforts on the transformation of the Retail segment.

The Consolidated Financial statements for the year ended 31st December 2021 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 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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