Savola H1 2022 net profit rises 37% to SAR 484.6 mln; Q2 at SAR 213.8 mln

Savola Group reported a net profit after Zakat and tax of SAR 484.6 million for the first half of 2022, a rise of 37% from SAR 353.8 million in the same period last year.

The company attributed the increase in net profit to higher gross profit, primarily due to improved pricing and a growth in sales volume of the food-processing segment. Savola also noted higher share of profits from associates.

Revenues rose 21% year-on-year (YoY) to SAR 14.4 billion in H1 2022.

The profit rise came despite higher operating expenses, net finance cost, and, Zakat and income tax expenses.

Q2 2022 net profit after Zakat and tax grew 7% to SAR 213.8 million from SAR 200 million in the corresponding period last year, as gross profit rose mainly due to the higher sales and margins in the food processing segment.

On a sequential basis, Q2 net profit slipped 21.1% from SAR 270.9 million.

Shareholders’ equity, after minority interest, stood at SAR 8.255 billion as of June 30, 2022, compared to SAR 8.436 billion a year earlier.

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