Financial Results : Savola 9M 2023 profit up 4% to SAR 672.1 mln; Q3 at SAR 147.4 mln

Savola 9M 2023 profit up 4% to SAR 672.1 mln; Q3 at SAR 147.4 mln

07/11/2023 Argaam Exclusive

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Savola Group reported a net profit of SAR 672.1 million for the first nine months of 2023, an increase of 4% from SAR 648.3 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 21,450.06 20,258.68 (5.6 %)
Gross Income 3,681.99 4,059.48 10.3 %
Operating Income 866.02 1,115.05 28.8 %
Net Income 648.28 672.13 3.7 %
Average Shares 911.17 911.17 -
EPS (Riyals) 0.71 0.74 3.7 %

The company reported higher gross profit in the food processing and retail segments. In addition, it recorded capital gains of SAR 18.5 million on the disposal of investment in Savola Morocco Co.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 7,072.41 6,350.90 (10.2 %)
Gross Income 1,148.92 1,310.49 14.1 %
Operating Income 242.92 341.14 40.4 %
Net Income 163.64 147.36 (9.9 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.18 0.16 (9.9 %)

Q3 2023 net earnings declined 10% year-on-year (YoY) to SAR 147.4 million, on lower profit share from associates, higher net finance cost, increased operating expenses and an increase in Zakat and income tax expenses.

 

The group reported revenue of SAR 6.4 billion during Q3 2023, compared to SAR 7.1 billion for the same quarter last year, primarily due to a drop in revenue from the food processing segment.

 

On a quarterly basis, net profit increased 11.6% from SAR 132.03 million in Q2 2023.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 8.30 billion as of Sept. 30, 2023, compared to SAR 8.40 billion in the prior-year period.

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