Savola’s Q1 2024 profit dips 11% to SAR 348.7M

07/05/2024 Argaam Exclusive

Savola Group posted a net profit drop of 11% to SAR 348.7 million in the first quarter of 2024, compared to SAR 392.8 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 7,814.49 7,781.87 (0.4 %)
Gross Income 1,502.03 1,618.73 7.8 %
Operating Income 513.81 610.55 18.8 %
Net Income 392.75 348.71 (11.2 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.43 0.38 (11.2 %)

Net profit of the food processing segment in Q1 2024 declined to SAR 205 million, compared with SAR 258 million a year earlier. The segment's performance was impacted by foreign exchange losses of SAR 109 million upon devaluation of the Egyptian pound during Q1 2024.

 

The company also cited the impact of one-offs recorded in Q1 2023 that comprised capital gain of SAR 18.5 million on the disposal of investment in Savola Morocco Co., as well as the refund of custom duty from regulatory authority in Saudi Arabia, with a net impact of SAR 23.3 million.

 

The profit decline was also due to lower share of profits from associates, as well as higher operating expenses, in addition to higher net finance cost by SAR 83 million, primarily due to impact of the Egyptian pound devaluation in Q1 2024, and an increase in prevailing interest rates.

 

This was despite the improvement in the retail segment's performance, as it turned to a net profit of SAR 33 million in Q1 2024 from a net loss of SAR 14 million in Q1 2023 due to ongoing investment in the CXR program.

 

Sequentially, the Saudi-listed firm’s profit jumped 53.6% from SAR 227.05 million in Q4 2023, mainly due to higher revenues from the food, retail, and frozen food segments.

 

Total shareholders' equity, excluding minority interest, reached SAR 8.47 billion as of June 30, 2024, compared to SAR 8.49 billion in the prior-year period.

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Share Price

Savola Group
24.26
(0.32) (1.30 %)

Savola Group (SAVOLA GROUP)

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Financial Ratios
Current
Market Cap (M Riyal) 27,510.35
Enterprise Value (EV) (M) 28,742.45
Shares Outstanding ((M)) 1,133.98
EPS ( Riyal) (TTM) 0.79
Book Value (BV) ( Riyal) 12.99
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 35.27
P/E (TTM) 30.84
Price/book 1.87
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 7.7
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 227.93 (23.3 %)
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 326.05 (19.0 %)
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 245.60 (32.3 %)
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 189.68 (54.3 %)
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 242.12 6.2 %
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 217.40 (33.3 %)
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 113.77 (53.7 %)
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (228.79) (220.6 %)
Q1 2017 5,786.91 (9.9 %) 1,040.13 (18.3 %) 18.06 (92.5 %)
Q2 2017 6,653.26 (6.8 %) 1,140.04 (14.5 %) 74.96 (65.5 %)
Q3 2017 5,595.78 (9.1 %) 1,053.79 (10.9 %) 25.93 (77.2 %)
Q4 2017 5,794.53 (12.4 %) 1,160.16 34.2 % 154.73 167.6 %
Q1 2018 5,107.98 (11.7 %) 908.50 (12.7 %) (54.78) (403.3 %)
Q2 2018 6,147.58 (7.6 %) 1,066.86 (6.4 %) 0.33 (99.6 %)
Q3 2018 5,212.03 (6.9 %) 932.00 (11.6 %) (36.92) (242.4 %)
Q4 2018 5,346.97 (7.7 %) 990.60 (14.6 %) (6.51) (104.2 %)
Q1 2019 5,387.89 5.5 % 1,065.47 17.3 % 91.74 267.5 %
Q2 2019 5,812.70 (5.4 %) 1,163.16 9.0 % 154.71 46925.2 %
Q3 2019 5,148.13 (1.2 %) 1,084.18 16.3 % 211.60 673.2 %
Q4 2019 5,231.73 (2.2 %) 1,191.50 20.3 % 211.54 3351.0 %
Q1 2020 5,922.88 9.9 % 1,223.00 14.8 % 273.38 198.0 %
Q2 2020 6,007.08 3.3 % 1,278.68 9.9 % 363.61 135.0 %
Q3 2020 4,587.28 (10.9 %) 1,064.43 (1.8 %) 214.56 1.4 %
Q4 2020 5,184.71 (0.9 %) 1,074.27 (9.8 %) 105.12 (50.3 %)
Q1 2021 5,953.57 0.5 % 1,211.63 (0.9 %) 244.24 (10.7 %)
Q2 2021 5,900.96 (1.8 %) 1,117.62 (12.6 %) 242.53 (33.3 %)
Q3 2021 6,048.46 31.9 % 1,023.66 (3.8 %) 152.76 (28.8 %)
Q4 2021 6,755.27 30.3 % 1,127.80 5.0 % 241.57 129.8 %
Q1 2022 7,489.35 25.8 % 1,285.41 6.1 % 324.26 32.8 %
Q2 2022 6,888.31 16.7 % 1,247.66 11.6 % 298.85 23.2 %
Q3 2022 7,072.41 16.9 % 1,148.92 12.2 % 242.92 59.0 %
Q4 2022 6,604.64 (2.2 %) 1,192.09 5.7 % 76.11 (68.5 %)
Q1 2023 7,814.49 4.3 % 1,502.03 16.9 % 513.81 58.5 %
Q2 2023 6,093.29 (11.5 %) 1,246.96 (0.1 %) 260.09 (13.0 %)
Q3 2023 6,350.90 (10.2 %) 1,310.49 14.1 % 341.14 40.4 %
Q4 2023 6,559.64 (0.7 %) 1,383.86 16.1 % 385.66 406.7 %
Q1 2024 7,781.87 (0.4 %) 1,618.73 7.8 % 610.55 18.8 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2015 470.51 11.2 % 0.52 227.39 243.12 0.27
Q2 2015 434.37 (15.4 %) 0.48 (0.67) 435.03 0.48
Q3 2015 371.56 (47.0 %) 0.41 5.72 365.84 0.40
Q4 2015 515.32 18.6 % 0.57 199.19 316.13 0.35
Q1 2016 119.38 (74.6 %) 0.13 (107.31) 226.69 0.25
Q2 2016 253.52 (41.6 %) 0.28 (42.26) 295.78 0.32
Q3 2016 179.51 (51.7 %) 0.20 (3.13) 182.64 0.20
Q4 2016 (915.70) (277.7 %) (1.00) (597.46) (318.23) (0.35)
Q1 2017 4.78 (96.0 %) 0.01 15.61 (10.83) (0.01)
Q2 2017 229.31 (9.5 %) 0.25 68.14 161.17 0.18
Q3 2017 829.04 361.8 % 0.91 693.94 135.10 0.15
Q4 2017 (37.51) 95.9 % (0.04) (222.02) 184.51 0.20
Q1 2018 (84.32) (1864.7 %) (0.09) 3.27 (87.58) (0.10)
Q2 2018 140.65 (38.7 %) 0.15 - 140.65 0.15
Q3 2018 (50.73) (106.1 %) (0.06) - (50.73) (0.06)
Q4 2018 (525.99) (1,302.2 %) (0.58) (300.29) (225.70) (0.25)
Q1 2019 6.33 107.5 % 0.01 42.71 (36.38) (0.04)
Q2 2019 110.23 (21.6 %) 0.12 7.56 102.67 0.11
Q3 2019 221.76 537.2 % 0.24 21.17 200.59 0.22
Q4 2019 137.31 126.1 % 0.15 66.84 70.48 0.08
Q1 2020 172.76 2629.1 % 0.19 - 172.76 0.19
Q2 2020 409.58 271.6 % 0.45 - 409.58 0.45
Q3 2020 283.74 28.0 % 0.31 21.00 262.74 0.29
Q4 2020 44.73 (67.4 %) 0.05 - 44.73 0.05
Q1 2021 153.83 (11.0 %) 0.17 - 153.83 0.17
Q2 2021 200.02 (51.2 %) 0.22 - 200.02 0.22
Q3 2021 122.40 (56.9 %) 0.13 - 122.40 0.13
Q4 2021 (254.36) (668.7 %) (0.28) (421.87) 167.50 0.18
Q1 2022 270.89 76.1 % 0.30 - 270.89 0.30
Q2 2022 213.75 6.9 % 0.23 - 213.75 0.23
Q3 2022 163.64 33.7 % 0.18 - 163.64 0.18
Q4 2022 94.47 137.1 % 0.10 107.03 (12.56) (0.01)
Q1 2023 392.75 45.0 % 0.43 41.78 350.97 0.39
Q2 2023 132.03 (38.2 %) 0.14 - 132.03 0.14
Q3 2023 147.36 (9.9 %) 0.16 - 147.36 0.16
Q4 2023 227.05 140.3 % 0.25 112.13 114.92 0.13
Q1 2024 348.71 (11.2 %) 0.38 - 348.71 0.38

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 18.55 % 7.64 % 6.42 %
Q2 2015 19.15 % 7.48 % 6.33 %
Q3 2015 19.90 % 7.24 % 5.96 %
Q4 2015 20.00 % 6.42 % 5.41 %
Q1 2016 20.29 % 6.53 % 5.31 %
Q2 2016 20.13 % 6.32 % 4.74 %
Q3 2016 19.49 % 5.49 % 3.93 %
Q4 2016 17.67 % 4.04 % 1.47 %
Q1 2017 17.20 % 3.34 % 0.58 %
Q2 2017 16.77 % 2.54 % 0.06 %
Q3 2017 16.63 % 2.63 % (0.13 %)
Q4 2017 18.44 % 4.53 % 1.97 %
Q1 2018 18.41 % 4.31 % 1.70 %
Q2 2018 18.50 % 4.33 % 1.65 %
Q3 2018 18.27 % 3.89 % 0.84 %
Q4 2018 17.87 % 3.05 % (1.02 %)
Q1 2019 18.35 % 4.18 % (0.78 %)
Q2 2019 19.08 % 5.40 % (0.97 %)
Q3 2019 19.84 % 7.10 % 0.19 %
Q4 2019 20.87 % 11.45 % 1.56 %
Q1 2020 21.08 % 11.92 % 2.47 %
Q2 2020 21.41 % 12.70 % 3.83 %
Q3 2020 21.88 % 12.99 % 4.21 %
Q4 2020 21.38 % 9.58 % 4.10 %
Q1 2021 21.30 % 9.36 % 4.01 %
Q2 2021 20.66 % 8.73 % 3.06 %
Q3 2021 19.18 % 7.81 % 2.26 %
Q4 2021 18.17 % 7.90 % 2.61 %
Q1 2022 17.39 % 7.67 % 2.90 %
Q2 2022 17.23 % 7.57 % 2.85 %
Q3 2022 17.05 % 7.64 % 2.89 %
Q4 2022 17.37 % 7.15 % 2.27 %
Q1 2023 17.94 % 7.79 % 2.52 %
Q2 2023 18.45 % 7.92 % 2.30 %
Q3 2023 19.55 % 8.57 % 2.30 %
Q4 2023 20.30 % 9.78 % 2.78 %
Q1 2024 20.76 % 10.20 % 2.77 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2015 911.17 2.33 1.87 11.09
Q2 2015 911.17 2.24 1.82 11.50
Q3 2015 911.17 1.88 1.68 11.28
Q4 2015 911.17 1.97 1.49 11.58
Q1 2016 911.17 1.58 1.47 10.80
Q2 2016 911.17 1.38 1.32 10.88
Q3 2016 911.17 1.17 1.12 10.84
Q4 2016 911.17 (0.40) 0.42 9.02
Q1 2017 911.17 (0.52) 0.16 9.02
Q2 2017 911.17 (0.55) 0.02 9.24
Q3 2017 911.17 0.16 (0.04) 10.09
Q4 2017 911.17 1.13 0.52 9.69
Q1 2018 911.17 1.03 0.43 9.43
Q2 2018 911.17 0.93 0.41 9.02
Q3 2018 911.17 (0.04) 0.21 8.38
Q4 2018 911.17 (0.57) (0.25) 7.82
Q1 2019 911.17 (0.47) (0.19) 7.84
Q2 2019 911.17 (0.51) (0.23) 7.94
Q3 2019 911.17 (0.21) 0.05 8.18
Q4 2019 911.17 0.52 0.37 8.33
Q1 2020 911.17 0.70 0.60 8.35
Q2 2020 911.17 1.03 0.94 8.48
Q3 2020 911.17 1.10 1.00 8.96
Q4 2020 911.17 1.00 0.98 9.03
Q1 2021 911.17 0.98 0.96 9.34
Q2 2021 911.17 0.75 0.73 9.26
Q3 2021 911.17 0.57 0.57 9.25
Q4 2021 911.17 0.24 0.71 8.87
Q1 2022 911.17 0.37 0.83 8.98
Q2 2022 911.17 0.39 0.85 9.06
Q3 2022 911.17 0.43 0.90 9.22
Q4 2022 911.17 0.82 0.70 9.06
Q1 2023 911.17 0.95 0.79 9.32
Q2 2023 911.17 0.86 0.70 9.00
Q3 2023 911.17 0.84 0.68 9.12
Q4 2023 911.17 0.99 0.82 9.28
Q1 2024 911.17 0.94 0.82 9.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 21.45 26.67 4.50
Q2 2015 22.32 27.39 4.35
Q3 2015 22.54 25.16 3.75
Q4 2015 18.65 24.57 3.17
Q1 2016 19.27 20.66 2.82
Q2 2016 19.25 20.13 2.45
Q3 2016 19.86 20.76 2.15
Q4 2016 NEG 68.97 3.25
Q1 2017 NEG More than 100 3.34
Q2 2017 NEG More than 100 3.98
Q3 2017 More than 100 NEG 3.30
Q4 2017 25.61 55.89 2.97
Q1 2018 31.40 74.80 3.42
Q2 2018 29.22 66.48 3.02
Q3 2018 NEG More than 100 2.63
Q4 2018 NEG NEG 2.50
Q1 2019 NEG NEG 2.91
Q2 2019 NEG NEG 2.99
Q3 2019 NEG More than 100 2.75
Q4 2019 48.03 67.72 3.01
Q1 2020 36.98 43.45 3.12
Q2 2020 29.74 32.81 3.63
Q3 2020 31.82 34.87 3.91
Q4 2020 31.03 31.77 3.43
Q1 2021 29.31 30.01 3.07
Q2 2021 42.06 43.40 3.40
Q3 2021 47.87 47.87 2.96
Q4 2021 95.77 33.01 2.63
Q1 2022 71.52 31.86 2.96
Q2 2022 63.36 28.85 2.71
Q3 2022 47.87 23.11 2.24
Q4 2022 24.58 28.72 2.21
Q1 2023 21.50 25.97 2.19
Q2 2023 35.38 43.69 3.38
Q3 2023 31.28 38.81 2.89
Q4 2023 27.70 33.42 2.95
Q1 2024 43.79 50.39 4.42

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2015 3,086.66 3,192.49 - - 14.69 - - (70.13)
Q2 2015 3,369.06 3,781.59 - - 14.69 - - (128.85)
Q3 2015 2,553.93 3,091.95 - - 14.69 - - (57.01)
Q4 2015 2,802.55 3,466.70 - - 100.78 - - (108.20)
Q1 2016 2,924.81 3,271.22 283.55 - 13.75 - - (71.58)
Q2 2016 3,102.65 3,873.85 277.73 - 13.75 - - (127.20)
Q3 2016 2,717.25 3,174.73 315.17 - 13.75 - - (66.58)
Q4 2016 3,142.01 3,252.58 280.23 - 96.36 - - (157.23)
Q1 2017 2,954.09 2,674.10 275.01 - 11.54 - - (127.83)
Q2 2017 3,145.94 3,331.50 272.10 - 11.61 - - (107.89)
Q3 2017 2,698.83 2,653.43 311.72 - 11.61 - - (79.82)
Q4 2017 2,585.35 2,984.00 298.96 - 10.58 - - (84.36)
Q1 2018 2,571.71 2,377.14 286.30 - 11.41 - - (138.57)
Q2 2018 2,692.86 3,230.09 293.13 - 11.40 - - (79.90)
Q3 2018 2,309.97 2,643.85 322.65 - 11.29 - - (75.71)
Q4 2018 2,160.94 2,866.52 325.20 94.11 12.94 - - (112.73)
Q1 2019 2,408.41 2,670.53 313.40 128.90 10.99 - - (144.35)
Q2 2019 2,349.92 2,867.97 309.30 181.73 10.35 - - (80.60)
Q3 2019 2,184.53 2,559.15 339.08 142.48 10.60 - - (87.71)
Q4 2019 2,266.36 2,562.11 326.52 166.94 11.66 - - (101.86)
Q1 2020 2,475.72 3,098.78 296.93 191.76 10.80 - - (151.10)
Q2 2020 2,229.61 3,463.04 170.10 211.24 8.48 - - (75.40)
Q3 2020 1,652.91 2,526.87 311.12 180.67 9.24 - - (93.53)
Q4 2020 2,285.32 2,524.62 297.94 153.13 7.55 - - (83.84)
Q1 2021 2,905.73 2,719.56 310.10 174.98 7.17 - - (163.97)
Q2 2021 2,645.54 2,843.25 322.02 158.60 7.44 - - (75.90)
Q3 2021 3,094.32 2,532.15 352.59 148.94 6.69 - - (75.30)
Q4 2021 3,984.53 2,381.16 329.15 160.43 6.25 - - (106.26)
Q1 2022 4,327.59 2,805.63 328.20 184.38 7.38 - - (163.83)
Q2 2022 4,068.96 2,430.77 291.61 165.13 6.49 - - (74.66)
Q3 2022 4,300.08 2,407.17 309.52 153.25 6.59 - - (104.20)
Q4 2022 3,744.17 2,470.44 314.51 167.25 6.88 - - (98.60)
Q1 2023 4,397.97 3,117.87 275.13 211.43 9.02 - - (196.93)
Q2 2023 3,397.45 2,297.86 288.22 164.48 6.62 - - (61.35)
Q3 2023 3,516.30 2,479.27 313.04 161.19 7.05 - - (125.95)
Q4 2023 3,753.61 2,436.38 297.31 176.97 6.86 - - (111.50)
Q1 2024 4,251.30 3,217.66 289.04 230.21 8.44 - - (214.79)

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 361.12 348.71 (3.4 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Al Rajhi Capital 364.00 348.71 (4.2) %
Goldman Sachs 400.49 348.71 (12.9) %
Hermes 413.00 348.71 (15.6) %
SNB Capital 267.00 348.71 30.6 %

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