Financial Results : Savola net profit up 76% to SAR 270.9 mln in Q1 2022

Savola net profit up 76% to SAR 270.9 mln in Q1 2022

16/05/2022 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 270.9 million for Q1 2022, a 76% increase from SAR 153.8 million in the same period a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 5,953.57 7,489.35 25.8 %
Gross Income 1,211.63 1,285.41 6.1 %
Operating Income 244.24 324.26 32.8 %
Net Income 153.83 270.89 76.1 %
Average Shares 911.17 911.17 -
EPS (Riyals) 0.17 0.30 76.1 %

The profit increase is attributed to higher sales volume that was partially offset by a rise in commodity prices in the food processing segment. In addition, Savola noted a higher share of profits from associates and lower operating expenses.

 

The company turned to a net profit in Q1 2022 from a net loss of SAR 254.4 million in Q4 2021.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 8.177 billion as of March 31, 2022, declining by 3.9% from SAR 8.507 billion a year earlier.

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