Savola 2020 net profit surges 92% to SAR 910.8 mln

27/01/2021 Argaam Exclusive

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Savola Group reported an annual net profit after Zakat and tax of SAR 910.8 million, rising 92% year-on-year (YoY), due to higher gross profit, increased profit share from associates and lower operating expenses

Financials (M)

Item	2019	2020	Change‬
Revenues	21,406.42	21,701.94	1.4 %
Gross Income	4,504.30	4,640.38	3.0 %
Operating Income	669.60	956.68	42.9 %
Net Income	475.63	910.80	91.5 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.52	1.00	91.5 %

Savola’s net profit after Zakat and tax stood at SAR 44.7 million, down by 67% YoY, in the fourth quarter of 2020, driven by lower gross profit due to slightly lower sales and margins.

On a sequential basis, Q4 2020 net profit dropped 84.24%.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	5,231.73	5,184.71	(0.9 %)
Gross Income	1,191.50	1,074.27	(9.8 %)
Operating Income	211.54	105.12	(50.3 %)
Net Income	137.31	44.73	(67.4 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.15	0.05	(67.4 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	4,587.28	5,184.71	13.0 %
Gross Income	1,064.43	1,074.27	0.9 %
Operating Income	214.56	105.12	(51.0 %)
Net Income	283.74	44.73	(84.2 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.31	0.05	(84.2 %)

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