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Savola Group announces its Interim Financial Results for the Period Ended on 30/06/2022 (Six Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 6,888.35,90116.737,489.4-8.03
Gross Profit (Loss) 1,247.71,117.611.641,285.4-2.93
Operational Profit (Loss) 503.6414.321.55528.9-4.78
Net Profit (Loss) after Zakat and Tax 213.82006.9270.9-21.08
Total Comprehensive Income 182.15328.7-44.58118.453.84
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 14,377.711,854.521.28
Gross Profit (Loss) 2,533.12,329.28.75
Operational Profit (Loss) 1,032.578731.19
Net Profit (Loss) after Zakat and Tax 484.6353.836.97
Total Comprehensive Income 300.5602.9-50.16
Total Share Holders Equity (after Deducting Minority Equity) 8,255.98,436.9-2.15
Profit (Loss) per Share 0.910.66
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 Group recorded net profit during Q2 2022 amounting to SAR 214 million versus net profit of SAR 200 million for the same quarter last year. The increase in net profit is mainly attributed to the following:

- Increase in the gross profit primarily due to improved margins and increase in volume in the Food Processing segment; and

- Higher share of profits from associates.

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 6.9 billion during Q2 2022 compared to SAR 5.9 billion for the same quarter last year, showing a 17% increase.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The Group recorded net profit during Q2 2022 amounting to SAR 214 million versus net profit of SAR 271 million for the previous quarter ended 31 March 2022. The decrease in net profit is mainly attributed to the following:

- Decrease in gross profit due to lower sales volume in the Food Processing segment and lower sales in the Retail segment; and

- Higher net finance cost

The decrease in net profit is despite the following:

- Lower operating cost; and

- Lower zakat and income-tax expense.

The Group reported Revenues of SAR 6.9 billion during Q2 2022 compared to SAR 7.5 billion for the previous quarter ended 31 March 2022, showing an 8.7% decline.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The Group recorded net profit during the six-months ended 30 June 2022 amounting to SAR 485 million versus net profit of SAR 354 million for the same period last year. The increase in net profit is mainly attributed to the following:

- Increase in gross profit primarily due to improved pricing and higher sales volume in the Food Processing segment; and

- Higher share of profits from associates.

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 14.4 billion during the six-month period ended 30 June 2022 compared to SAR 11.9 billion for the same period last year, showing a 21% increase.

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 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 30 June 2022 and 30 June 2021.
Additional Information Revenue by segment before inter segment eliminations:

For the six-month period ended 30 June 2022 as compared to the same period in the previous year, revenues increased in the Food Processing and Frozen Foods segments by 51% and 5%, respectively. While revenues decreased in the Retail and Food Services segments by 6% and 2% respectively, compared to the same period in the previous year.

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

Net profit by segment:

For the six-month period ended 30 June 2022 as compared to the same period in the previous year, net profit from the Food Processing segment increased by 45.5%.

The Retail segment recorded a net loss of SAR 107 million in the six-month period ended 30 June 2022 compared to a net loss of SAR 79 million in the same period in the previous year.

For the six-month period ended 30 June 2022 as compared to the same period in the previous year, net profit from the Food Services and Frozen Foods segments declined by 5.5% and 8%, respectively.

The Condensed Consolidated Financial Statements for the period ended 30 June 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: 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 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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