Savola net profit surges to SAR 742.8 mln in 2022; Q4 hits SAR 94.5 mln

27/03/2023 Argaam Exclusive

View other reports

Savola Group posted a net profit of SAR 742.8 million in 2022, over three-fold increase from SAR 221.9 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	24,669.16	28,054.70	13.7 %
Gross Income	4,478.71	4,874.08	8.8 %
Operating Income	881.10	942.13	6.9 %
Net Income	221.88	742.75	234.8 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.24	0.82	234.8 %

The positive performance was driven by higher gross profit as food processing segment’s gross earnings grew. In addition, the company noted higher share of profits from associates and a capital gain of SAR 42 million on the sale of an equity-accounted investment.

The increase in net profit came despite higher operating expenses, net finance cost, and Zakat and income tax expenses.

The group reported revenues of SAR 28.1 billion during 2022 compared to SAR 24.7 billion for 2021, a 14% increase.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	6,755.27	6,604.64	(2.2 %)
Gross Income	1,127.80	1,192.09	5.7 %
Operating Income	241.57	76.11	(68.5 %)
Net Income	(254.36)	94.47	137.1 %
Average Shares	911.17	911.17	-
EPS (Riyals)	(0.28)	0.10	137.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	7,072.41	6,604.64	(6.6 %)
Gross Income	1,148.92	1,192.09	3.8 %
Operating Income	242.92	76.11	(68.7 %)
Net Income	163.64	94.47	(42.3 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.18	0.10	(42.3 %)

During the fourth quarter, the group turned to a net profit of SAR 94.5 million, against a loss of SAR 254.36 million in the year-earlier period.

Sequentially, net profit fell 42.2% from SAR 163.64 million in Q3 2022.

Shareholders’ equity, excluding minority interest, stood at SAR 8.25 billion as of Dec. 31, 2022, compared to SAR 8.07 billion a year earlier.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×