Financial Results : Savola net profit slumps 45% to SAR 476.2 mln in 9M 2021

Savola net profit slumps 45% to SAR 476.2 mln in 9M 2021

27/10/2021 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 476.2 million for the first nine months of 2021, a decline of 45% from SAR 866.1 million in the same period last year.

 

The profit decline was attributed to lower sales and margins in the retail sector, along with lower share of profits from associates. The firm also noted higher Zakat and tax expenses.

 

The profit drop was partially offset by lower operating expenses and net financial charges.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 16,517.24 17,913.90 8.5 %
Gross Income 3,566.11 3,350.92 (6.0 %)
Operating Income 851.55 639.53 (24.9 %)
Net Income 866.08 476.24 (45.0 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.95 0.52 (45.0 %)


Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 4,587.28 6,048.46 31.9 %
Gross Income 1,064.43 1,023.66 (3.8 %)
Operating Income 214.56 152.76 (28.8 %)
Net Income 283.74 122.40 (56.9 %)
Average Shares 911.17 911.17 -
EPS (Riyals) 0.31 0.13 (56.9 %)

Q3 2021 net profit after Zakat and tax slumped 57% year-on-year (YoY) to SAR 122.4 million, as gross profit fell mainly due to the lower margins in retail.

 

On a sequential basis, Q3 net profit fell 38.8% from SAR 200 million.

 

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 315.15 50.5 %
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 449.42 61.7 %
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 432.29 40.5 %
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 607.10 29.6 %
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 601.26 90.8 %
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 479.79 6.8 %
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 399.06 (7.7 %)
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 249.23 (58.9 %)
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 297.17 (50.6 %)
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 402.68 (16.1 %)
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 362.59 (9.1 %)
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 414.67 66.4 %
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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 242.31 46.7 % 0.28 - 242.31 0.28
Q2 2012 341.32 47.9 % 0.40 - 341.32 0.40
Q3 2012 405.22 31.6 % 0.47 - 405.22 0.47
Q4 2012 413.36 (17.1 %) 0.48 46.65 366.71 0.43
Q1 2013 295.20 21.8 % 0.34 - 295.20 0.34
Q2 2013 387.76 13.6 % 0.45 - 387.76 0.45
Q3 2013 457.36 12.9 % 0.53 - 457.36 0.53
Q4 2013 564.16 36.5 % 0.65 200.93 363.23 0.42
Q1 2014 423.26 43.4 % 0.46 5.02 418.24 0.46
Q2 2014 513.27 32.4 % 0.56 35.95 477.33 0.52
Q3 2014 701.43 53.4 % 0.77 205.74 495.69 0.54
Q4 2014 434.36 (23.0 %) 0.48 (54.13) 488.48 0.54
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %
Q3 2014 17.95 % 8.18 % 7.08 %
Q4 2014 18.29 % 7.92 % 7.07 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 853.18 1.50 1.32 9.71
Q2 2012 853.18 1.63 1.45 9.32
Q3 2012 853.18 1.74 1.56 9.55
Q4 2012 853.18 1.64 1.59 9.71
Q1 2013 867.68 1.68 1.62 9.34
Q2 2013 867.68 1.73 1.68 9.50
Q3 2013 867.68 1.79 1.74 9.75
Q4 2013 867.68 1.96 1.73 10.59
Q1 2014 911.17 2.01 1.79 10.88
Q2 2014 911.17 2.15 1.88 10.85
Q3 2014 911.17 2.42 1.93 11.34
Q4 2014 911.17 2.27 2.06 10.94
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 17.88 20.31 2.76
Q2 2012 16.60 18.65 2.90
Q3 2012 17.30 19.28 3.16
Q4 2012 18.97 19.63 3.21
Q1 2013 18.97 19.60 3.46
Q2 2013 21.26 21.94 3.94
Q3 2013 22.90 23.61 4.28
Q4 2013 24.48 27.76 4.32
Q1 2014 24.41 27.50 4.51
Q2 2014 23.45 26.76 4.64
Q3 2014 25.12 31.52 5.35
Q4 2014 25.26 27.85 5.25
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

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2012 4,068.67 2,329.29 - - 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 - - 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 - - 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 - - 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 - - 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 - - 19.29 304.51 - (95.20)
Q3 2013 3,241.41 2,813.52 - - 19.29 304.95 - (59.03)
Q4 2013 3,065.27 2,869.33 - - 83.10 (858.51) - (111.80)
Q1 2014 3,463.82 2,818.18 - - 16.37 - - (57.53)
Q2 2014 4,119.66 3,283.45 - - 15.32 - - (81.85)
Q3 2014 3,336.91 2,868.20 - - 15.33 - - (70.40)
Q4 2014 3,671.56 3,234.54 - - 80.15 - - (125.88)
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)

Analysts Estimates (Million)

Item Q3 2021 (e) Q3 2021 (a) Change‬
Average 218.50 122.40 (44.0 %)

Estimates vs Actual (Million)

Item Q3 2021 (e) Q3 2021 (a) Change
Al Rajhi Capital 217.00 122.40 (43.6) %
SNB Capital 220.00 122.40 (44.4) %


Financial Ratios
Current
Market Cap (M Riyal) 27,669.11
Enterprise Value (EV) (M) 28,901.21
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) 35.47
P/E (TTM) 31.01
Price/book 1.88
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 7.7
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Share Price

Savola Group
24.44
0.18 0.74 %

Savola Group (SAVOLA GROUP)

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