Financial Results : Savola net profit down 11% to SAR 153.8 mln in Q1 2021

Savola net profit down 11% to SAR 153.8 mln in Q1 2021

29/04/2021 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 153.8 million for the first quarter of 2021, an 11% decline from a profit of SAR 172.8 million in the same period last year.

 

The company attributed the decline in net profit to lower sales and margins in the retail sector, lower share of profits from associates, higher operating expenses, and increase in Zakat and income-tax expenses.

 

The profit decline was partially offset by lower net financing cost resulting from drop in financial charges on borrowings.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 5,922.88 5,953.57 0.5 %
Gross Income 1,223.00 1,211.63 (0.9 %)
Operating Income 273.38 244.24 (10.7 %)
Net Income 172.76 153.83 (11.0 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.19 0.17 (11.0 %)

When compared to previous quarter, Savola’s net profit for Q1 2021 tripled on higher sales and margins.

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