Financial Results : Savola net profit surges to SAR 866.1 mln in 9M 2020

Savola net profit surges to SAR 866.1 mln in 9M 2020

28/10/2020 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 866.1 million for the first nine months of 2020, a 156% year-on-year (YoY) increase.

 

The increase in net profit was attributed to higher sales margins, higher share of profit from affiliates, lower operating costs and lower financing charges.



Financials (M)

Item 9m 2019 9m 2020 Change‬
Revenues 16,174.69 16,517.24 2.1 %
Gross Income 3,312.80 3,566.11 7.6 %
Operating Income 458.06 851.55 85.9 %
Net Income 338.32 866.08 156.0 %
Average Shares 911.17 911.17 -
EPS (Riyals) 0.37 0.95 156.0 %

The group reported a net profit of SAR 283.7 million for the third quarter of 2020, a 27.9% YoY increase, driven by higher profit share from an associate and lower net finance cost. The edible oil producer also cited lower operating expenses, Zakat and taxes.

 

When compared to previous quarter, Q3 net profit fell 30.7% on lower sales.

 

Shareholders’ equity, after minority interest, stood at SAR 8.164 billion in the nine-month period, rising by 9.54% from SAR 7.453 billion a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q3 2019 Q3 2020 Change‬
Revenues 5,148.13 4,587.28 (10.9 %)
Gross Income 1,084.18 1,064.43 (1.8 %)
Operating Income 211.60 214.56 1.4 %
Net Income 221.76 283.74 28.0 %
Average Shares 911.17 911.17 -
EPS (Riyals) 0.24 0.31 28.0 %

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