Savola H1 2022 net profit rises 37% to SAR 484.6 mln; Q2 at SAR 213.8 mln

24/08/2022 Argaam Exclusive

View other reports

Savola Group reported a net profit after Zakat and tax of SAR 484.6 million for the first half of 2022, a rise of 37% from SAR 353.8 million in the same period last year.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	11,854.53	14,377.66	21.3 %
Gross Income	2,329.25	2,533.08	8.8 %
Operating Income	486.77	623.11	28.0 %
Net Income	353.84	484.64	37.0 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.39	0.53	37.0 %

The company attributed the increase in net profit to higher gross profit, primarily due to improved pricing and a growth in sales volume of the food-processing segment. Savola also noted higher share of profits from associates.

Revenues rose 21% year-on-year (YoY) to SAR 14.4 billion in H1 2022.

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

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	5,900.96	6,888.31	16.7 %
Gross Income	1,117.62	1,247.66	11.6 %
Operating Income	242.53	298.85	23.2 %
Net Income	200.02	213.75	6.9 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.22	0.23	6.9 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	7,489.35	6,888.31	(8.0 %)
Gross Income	1,285.41	1,247.66	(2.9 %)
Operating Income	324.26	298.85	(7.8 %)
Net Income	270.89	213.75	(21.1 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.30	0.23	(21.1 %)

Q2 2022 net profit after Zakat and tax grew 7% to SAR 213.8 million from SAR 200 million in the corresponding period last year, as gross profit rose mainly due to the higher sales and margins in the food processing segment.

On a sequential basis, Q2 net profit slipped 21.1% from SAR 270.9 million.

Shareholders’ equity, after minority interest, stood at SAR 8.255 billion as of June 30, 2022, compared to SAR 8.436 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.

×