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Savola Group announces its Interim Financial Results for the Period Ended on 31/03/2022 (Three Months)

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 7,489.45,953.625.7966,746.411.013
Gross Profit (Loss) 1,285.41,211.66.0911,126.814.075
Operational Profit (Loss) 528.9372.741.91-74.7-
Net Profit (Loss) after Zakat and Tax 270.9153.876.137-254.4-
Total Comprehensive Income 118.4274.2-56.819-346.4-
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 8,177.98,507.1-3.869
Profit (Loss) per Share 0.510.29
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 increase in the net profit for the 1st quarter, 2022 compared to the net profit for the same quarter last year is attributed mainly to the following:

- Increase in the gross profit is primarily due to the higher sales volume that was partially offset by higher commodity prices in the Food Processing segment;

- Higher share of profits from associates; and

- Lower operating expenses.

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

- Higher net finance cost; and

- Higher zakat and income-tax expense.

The Group reported Revenues of SAR 7.5 billion during Q1 2022 showing a 26% increase compared with same quarter last year.

Food Processing segment reported Revenues of SAR 4.3 billion during Q1 2022 showing a 48.9% increase compared with same quarter last year due to higher volumes and continued recovery in B2B channel and increases in commodity prices.

Retail segment reported Revenues of SAR 2.8 billion during Q1 2022 showing a 3% increase compared with same quarter last year due to impact of pre-Ramadan sales.

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 Group recorded a net profit during Q1 2022 amounting to SAR 271 million versus net loss of SAR 254 million for the previous quarter ended 31 December 2021, which is due to the following:

- Impairment loss, amounting to SAR 421.9 million, being recorded in the quarter ended 31 December 2021;

- Increase in the gross profit is primarily due to the higher sales volume that was partially offset by higher commodity prices in the Food Processing segment; and

- Higher share of profits from associates.

The Group recorded a net profit despite the following:

- Higher net finance cost; and

- Higher zakat and income-tax expense.

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, 2022 and March 31, 2021.
Additional Information Revenue by segment before inter segment eliminations:

For the first quarter 2022 as compared to same quarter previous year, revenues increased in the Food Processing, Retail, Food Services and Frozen Food segments by 48.9%, 3.2%, 5.8% and 5.4% respectively.

Gross profit increased by 6% during Q1 2022 compared to same quarter last year driven by improvement in Foods segments, that was partially offset by reduction in gross profit in Retail segment. Increase in the gross profit in the Food Processing segment is primarily due to the higher sales volume that was partially offset by higher commodity prices.

Net profit by segment:

For the first quarter 2022 as compared to same quarter previous year, net profits from the Food Processing, Food Services, Frozen Food and Investments segments increased by 37.8%, 14.7%, 7.3% and 73.6% respectively. The Retail segment recorded a net loss of SAR 34.8 million in the first quarter 2022 compared to a net loss of SAR 51.7 million in the same quarter previous year.

The Condensed Consolidated Financial statements for the period ended 31st March 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: 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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