Savola net profit falls 39% to SAR 353.8 mln in H1 2021

04/08/2021 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 353.8 million for the first half of 2021, a decline of 39% from SAR 582.3 million in the same period last year.

The company attributed the decline in net profit to lower sales and margins in the retail and frozen foods sectors, along with lower share of profits from associates.

The profit drop was partially offset by lower operating expenses, net financial charges, and Zakat and tax expenses.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	11,929.96	11,854.53	(0.6 %)
Gross Income	2,501.68	2,329.25	(6.9 %)
Operating Income	636.99	486.77	(23.6 %)
Net Income	582.33	353.84	(39.2 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.64	0.39	(39.2 %)

Q2 2021 net profit after Zakat and tax halved to SAR 200 million from SAR 409.6 million in the corresponding period last year, as gross profit fell mainly due to the lower sales and margins in retail and frozen foods sectors.

On a sequential basis, Q2 net profit jumped 30% from SAR 153.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	6,007.08	5,900.96	(1.8 %)
Gross Income	1,278.68	1,117.62	(12.6 %)
Operating Income	363.61	242.53	(33.3 %)
Net Income	409.58	200.02	(51.2 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.45	0.22	(51.2 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	5,953.57	5,900.96	(0.9 %)
Gross Income	1,211.63	1,117.62	(7.8 %)
Operating Income	244.24	242.53	(0.7 %)
Net Income	153.83	200.02	30.0 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.17	0.22	30.0 %

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