Financial Results : Savola net profit up 45% to SAR 392.7 mln in Q1

Savola net profit up 45% to SAR 392.7 mln in Q1

10/05/2023 Argaam Exclusive

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Savola Group posted a net profit of SAR 392.7 million in Q1 2023, a 45% increase from SAR 270.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 7,489.35 7,814.49 4.3 %
Gross Income 1,285.41 1,502.03 16.9 %
Operating Income 324.26 513.81 58.5 %
Net Income 270.89 392.75 45.0 %
Average Shares 911.17 911.17 -
EPS (Riyals) 0.30 0.43 45.0 %

The positive performance was driven by higher net profit of the food processing segment, increased share of profits from associates, capital gain of SAR 18.5 million on the disposal of investment in Savola Morocco Co., and a net impact of SAR 23.3 million from the refund of custom duty from Zakat, Tax and Customs Authority (ZATCA). 

 

The increase in net profit was partially offset by higher operating expenses, net finance cost, as well as Zakat and income tax expenses. 

 

Sequentially, net profit more than quadrupled from SAR 94.47 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 8.49 billion as of March 31, 2023, compared to SAR 8.17 billion a year earlier.

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