Savola Group reported net profit after Zakat and tax of SAR 582.3 million for the first six months of 2020, compared to SAR 116.6 million in year earlier period.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 11,026.56 | 11,929.96 | 8.2 % |
| Gross Income | 2,228.63 | 2,501.68 | 12.3 % |
| Operating Income | 246.45 | 636.99 | 158.5 % |
| Net Income | 116.56 | 582.33 | 399.6 % |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.22 | 1.09 | 399.6 % |
The rise in profit is driven by higher gross profit, higher sales, and improved profit margins in retail and frozen foods segments.
Savola also cited higher profit share from associates, and lower operating expenses and finance costs, despite higher Zakat and tax expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 5,812.70 | 6,007.08 | 3.3 % |
| Gross Income | 1,163.16 | 1,278.68 | 9.9 % |
| Operating Income | 154.71 | 363.61 | 135.0 % |
| Net Income | 110.23 | 409.58 | 271.6 % |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.21 | 0.77 | 271.6 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 5,922.88 | 6,007.08 | 1.4 % |
| Gross Income | 1,223.00 | 1,278.68 | 4.6 % |
| Operating Income | 273.38 | 363.61 | 33.0 % |
| Net Income | 172.76 | 409.58 | 137.1 % |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.32 | 0.77 | 137.1 % |
In Q2 2020, the company reported net profit after Zakat and tax of SAR 409.6 million, a 271.6% YoY increase, compared to SAR 110.2 million in year earlier period.
On a sequential basis, Q2 2020 net profit after Zakat and tax increased 137%.
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