Savola net profit slumps 45% to SAR 476.2 mln in 9M 2021

27/10/2021 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 476.2 million for the first nine months of 2021, a decline of 45% from SAR 866.1 million in the same period last year.

The profit decline was attributed to lower sales and margins in the retail sector, along with lower share of profits from associates. The firm also noted higher Zakat and tax expenses.

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

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	16,517.24	17,913.90	8.5 %
Gross Income	3,566.11	3,350.92	(6.0 %)
Operating Income	851.55	639.53	(24.9 %)
Net Income	866.08	476.24	(45.0 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.95	0.52	(45.0 %)

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	4,587.28	6,048.46	31.9 %
Gross Income	1,064.43	1,023.66	(3.8 %)
Operating Income	214.56	152.76	(28.8 %)
Net Income	283.74	122.40	(56.9 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.31	0.13	(56.9 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	5,900.96	6,048.46	2.5 %
Gross Income	1,117.62	1,023.66	(8.4 %)
Operating Income	242.53	152.76	(37.0 %)
Net Income	200.02	122.40	(38.8 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.22	0.13	(38.8 %)

Q3 2021 net profit after Zakat and tax slumped 57% year-on-year (YoY) to SAR 122.4 million, as gross profit fell mainly due to the lower margins in retail.

On a sequential basis, Q3 net profit fell 38.8% from SAR 200 million.

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