Savola 9M 2022 net profit up 36% to SAR 648.3 mln; Q3 at SAR 163.6 mln

30/10/2022 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 648.3 million, for the first nine months of 2022, an increase of 36%, compared to SAR 476.2 million in a year earlier period, driven by higher gross profit, improved margins in the food processing segment and higher profit share from associates, despite higher operating expenses and increased net finance cost.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	17,913.90	21,450.06	19.7 %
Gross Income	3,350.92	3,681.99	9.9 %
Operating Income	639.53	866.02	35.4 %
Net Income	476.24	648.28	36.1 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.52	0.71	36.1 %

Q3 2022 net profit after Zakat and tax jumped 33.7% to SAR 163.6 million, from SAR 122.4 million in the prior-year period, on higher gross profit primarily due to improved margins in the food processing segment. The company also cited a higher profit share from associates.

On a sequential basis, net profit fell 23.5%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	6,048.46	7,072.41	16.9 %
Gross Income	1,023.66	1,148.92	12.2 %
Operating Income	152.76	242.92	59.0 %
Net Income	122.40	163.64	33.7 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.13	0.18	33.7 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	6,888.31	7,072.41	2.7 %
Gross Income	1,247.66	1,148.92	(7.9 %)
Operating Income	298.85	242.92	(18.7 %)
Net Income	213.75	163.64	(23.4 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.23	0.18	(23.4 %)

Total shareholders’ equity, after minority interest, reached SAR 8.401 billion as of Sept. 30, 2022, compared to SAR 8.426 billion in prior-year period.

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