Savola net profit surges to SAR 742.8 mln in 2022; Q4 hits SAR 94.5 mln

27/03/2023 Argaam Exclusive

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Savola Group posted a net profit of SAR 742.8 million in 2022, over three-fold increase from SAR 221.9 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	24,669.16	28,054.70	13.7 %
Gross Income	4,478.71	4,874.08	8.8 %
Operating Income	881.10	942.13	6.9 %
Net Income	221.88	742.75	234.8 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.24	0.82	234.8 %

The positive performance was driven by higher gross profit as food processing segment’s gross earnings grew. In addition, the company noted higher share of profits from associates and a capital gain of SAR 42 million on the sale of an equity-accounted investment.

The increase in net profit came despite higher operating expenses, net finance cost, and Zakat and income tax expenses.

The group reported revenues of SAR 28.1 billion during 2022 compared to SAR 24.7 billion for 2021, a 14% increase.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	6,755.27	6,604.64	(2.2 %)
Gross Income	1,127.80	1,192.09	5.7 %
Operating Income	241.57	76.11	(68.5 %)
Net Income	(254.36)	94.47	137.1 %
Average Shares	911.17	911.17	-
EPS (Riyals)	(0.28)	0.10	137.1 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	7,072.41	6,604.64	(6.6 %)
Gross Income	1,148.92	1,192.09	3.8 %
Operating Income	242.92	76.11	(68.7 %)
Net Income	163.64	94.47	(42.3 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.18	0.10	(42.3 %)

During the fourth quarter, the group turned to a net profit of SAR 94.5 million, against a loss of SAR 254.36 million in the year-earlier period.

Sequentially, net profit fell 42.2% from SAR 163.64 million in Q3 2022.

Shareholders’ equity, excluding minority interest, stood at SAR 8.25 billion as of Dec. 31, 2022, compared to SAR 8.07 billion a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
2013	25,280.72	(7.7 %)	4,773.54	0.3 %	1,729.35	(4.1 %)
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 %
2014	26,587.84	5.2 %	4,863.72	1.9 %	1,477.10	(14.6 %)
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 %)
2015	25,125.60	(5.5 %)	5,025.39	3.3 %	989.26	(33.0 %)
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 %)
2016	26,330.80	4.8 %	4,652.96	(7.4 %)	344.50	(65.2 %)
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 %
2017	23,830.48	(9.5 %)	4,394.12	(5.6 %)	272.89	(20.8 %)
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 %)
2018	21,814.56	(8.5 %)	3,897.96	(11.3 %)	(97.87)	(135.9 %)
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 %
2019	21,406.42	(1.9 %)	4,504.30	15.6 %	669.60	784.2 %
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 %)
2020	21,701.94	1.4 %	4,640.38	3.0 %	956.68	42.9 %
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 %
2021	24,669.16	13.7 %	4,478.71	(3.5 %)	881.10	(7.9 %)
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 %)
2022	28,054.70	13.7 %	4,874.08	8.8 %	942.13	6.9 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	25,280.72	(7.7 %)	4,773.54	0.3 %	1,729.35	(4.1 %)
2014	26,587.84	5.2 %	4,863.72	1.9 %	1,477.10	(14.6 %)
2015	25,125.60	(5.5 %)	5,025.39	3.3 %	989.26	(33.0 %)
2016	26,330.80	4.8 %	4,652.96	(7.4 %)	344.50	(65.2 %)
2017	23,830.48	(9.5 %)	4,394.12	(5.6 %)	272.89	(20.8 %)
2018	21,814.56	(8.5 %)	3,897.96	(11.3 %)	(97.87)	(135.9 %)
2019	21,406.42	(1.9 %)	4,504.30	15.6 %	669.60	784.2 %
2020	21,701.94	1.4 %	4,640.38	3.0 %	956.68	42.9 %
2021	24,669.16	13.7 %	4,478.71	(3.5 %)	881.10	(7.9 %)
2022	28,054.70	13.7 %	4,874.08	8.8 %	942.13	6.9 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2013	1,704.48	21.6 %	1.96	200.93	1,503.55	1.73
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
2014	2,072.32	21.6 %	2.27	192.59	1,879.73	2.06
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
2015	1,791.75	(13.5 %)	1.97	431.63	1,360.11	1.49
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)
2016	(363.29)	(120.3 %)	(0.40)	(750.15)	386.87	0.42
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
2017	1,025.62	382.3 %	1.13	555.67	469.95	0.52
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)
2018	(520.38)	(150.7 %)	(0.57)	(297.02)	(223.36)	(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
2019	475.63	191.4 %	0.52	138.28	337.36	0.37
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
2020	910.80	91.5 %	1.00	21.00	889.80	0.98
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
2021	221.88	(75.6 %)	0.24	(421.87)	643.75	0.71
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)
2022	742.75	234.8 %	0.82	107.03	635.73	0.70

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	1,704.48	21.6 %	1.96	200.93	1,503.55	1.73
2014	2,072.32	21.6 %	2.27	192.59	1,879.73	2.06
2015	1,791.75	(13.5 %)	1.97	431.63	1,360.11	1.49
2016	(363.29)	(120.3 %)	(0.40)	(750.15)	386.87	0.42
2017	1,025.62	382.3 %	1.13	555.67	469.95	0.52
2018	(520.38)	(150.7 %)	(0.57)	(297.02)	(223.36)	(0.25)
2019	475.63	191.4 %	0.52	138.28	337.36	0.37
2020	910.80	91.5 %	1.00	21.00	889.80	0.98
2021	221.88	(75.6 %)	0.24	(421.87)	643.75	0.71
2022	742.75	234.8 %	0.82	107.03	635.73	0.70

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
2017	18.44 %	4.52 %	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 %)
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 %
2019	21.04 %	8.74 %	1.58 %
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 %
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 %
2021	18.16 %	7.89 %	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 %
2022	17.37 %	7.15 %	2.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	18.88 %	9.44 %	5.95 %
2014	18.29 %	7.92 %	7.07 %
2015	20.00 %	6.42 %	5.41 %
2016	17.67 %	4.04 %	1.47 %
2017	18.44 %	4.52 %	1.97 %
2018	17.87 %	3.05 %	(1.02 %)
2019	21.04 %	8.74 %	1.58 %
2020	21.38 %	9.58 %	4.10 %
2021	18.16 %	7.89 %	2.61 %
2022	17.37 %	7.15 %	2.27 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	19.34 %	10.27 %	4.11 %
Q2 2013	18.79 %	9.11 %	5.77 %
Q3 2013	18.47 %	8.60 %	7.24 %
Q4 2013	18.86 %	9.75 %	7.20 %
Q1 2014	17.51 %	7.23 %	6.70 %
Q2 2014	17.06 %	7.52 %	6.51 %
Q3 2014	18.71 %	8.64 %	8.06 %
Q4 2014	19.95 %	8.31 %	7.12 %
Q1 2015	18.62 %	6.03 %	3.91 %
Q2 2015	19.23 %	6.93 %	6.18 %
Q3 2015	22.11 %	7.65 %	6.53 %
Q4 2015	20.35 %	5.14 %	5.05 %
Q1 2016	19.83 %	6.48 %	3.53 %
Q2 2016	18.66 %	6.18 %	4.14 %
Q3 2016	19.21 %	4.03 %	2.97 %
Q4 2016	13.07 %	(0.63 %)	(4.81 %)
Q1 2017	17.97 %	3.65 %	(0.19 %)
Q2 2017	17.14 %	3.34 %	2.42 %
Q3 2017	18.83 %	4.61 %	2.41 %
Q4 2017	20.02 %	6.69 %	3.18 %
Q1 2018	17.79 %	2.57 %	(1.71 %)
Q2 2018	17.35 %	3.30 %	2.29 %
Q3 2018	17.88 %	2.76 %	(0.97 %)
Q4 2018	18.53 %	3.49 %	(4.22 %)
Q1 2019	19.78 %	7.25 %	(0.68 %)
Q2 2019	20.01 %	7.82 %	1.77 %
Q3 2019	21.06 %	9.87 %	3.90 %
Q4 2019	22.77 %	21.34 %	1.35 %
Q1 2020	20.65 %	9.42 %	2.92 %
Q2 2020	21.29 %	10.85 %	6.82 %
Q3 2020	23.20 %	10.91 %	5.73 %
Q4 2020	20.72 %	7.11 %	0.86 %
Q1 2021	20.35 %	8.61 %	2.58 %
Q2 2021	18.94 %	8.57 %	3.39 %
Q3 2021	16.92 %	6.86 %	2.02 %
Q4 2021	16.70 %	7.60 %	2.48 %
Q1 2022	17.16 %	7.69 %	3.62 %
Q2 2022	18.11 %	8.04 %	3.10 %
Q3 2022	16.25 %	7.22 %	2.31 %
Q4 2022	18.05 %	5.52 %	(0.19 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	867.68	1.96	1.73	10.59
2014	911.17	2.27	2.06	10.94
2015	911.17	1.97	1.49	11.58
2016	911.17	(0.40)	0.42	9.02
2017	911.17	1.13	0.52	9.69
2018	911.17	(0.57)	(0.25)	7.82
2019	911.17	0.52	0.37	8.33
2020	911.17	1.00	0.98	9.03
2021	911.17	0.24	0.71	8.87
2022	911.17	0.82	0.70	9.06

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
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

Period	P/E	Adjusted P/E	Price/book
2013	24.48	27.76	4.32
2014	25.26	27.85	5.25
2015	18.65	24.57	3.17
2016	NEG	68.97	3.25
2017	25.61	55.89	2.97
2018	NEG	NEG	2.50
2019	48.03	67.72	3.01
2020	31.03	31.77	3.43
2021	95.77	33.01	2.63
2022	24.58	28.72	2.21

Business Segments (Million)

Compared With The

Period	Food sector	Retail sector	Food services	Frozen food	Investments	Plastic	Manufacturing & Whole sale sector	Disposals
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)
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)

Period	Food sector	Retail sector	Food services	Frozen food	Investments	Plastic	Manufacturing & Whole sale sector	Disposals
2013	14,552.39	10,924.60	-	-	140.99	-	-	(337.26)
2014	14,591.95	12,204.38	-	-	127.17	-	-	(335.66)
2015	11,812.20	13,532.73	-	-	144.86	-	-	(364.20)
2016	11,886.72	13,572.38	1,156.68	-	137.61	-	-	(422.59)
2017	11,384.22	11,643.02	1,157.79	-	45.34	-	-	(399.90)
2018	9,735.47	11,117.60	1,227.27	94.11	47.04	-	-	(406.92)
2019	9,209.21	10,659.77	1,288.31	620.06	43.60	-	-	(414.52)
2020	8,643.56	11,613.30	1,076.08	736.80	36.08	-	-	(403.87)
2021	12,630.12	10,476.12	1,313.86	642.94	27.55	-	-	(421.43)
2022	16,440.80	10,114.01	1,243.84	670.01	27.34	-	-	(441.29)

Analysts Estimates (Million)

Item	Q4 2022 (e)	Q4 2022 (a)	Change‬
Average	139.78	94.47	(32.4 %)

Estimates vs Actual (Million)

Item	Q4 2022 (e)	Q4 2022 (a)	Change
Goldman Sachs	80.10	94.47	17.9 %
Al Rajhi Capital	117.00	94.47	(19.3) %
Hermes	164.00	94.47	(42.4) %
SNB Capital	198.00	94.47	(52.3) %

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

Savola Group (SAVOLA GROUP)

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Savola net profit surges to SAR 742.8 mln in 2022; Q4 hits SAR 94.5 mln

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Savola net profit surges to SAR 742.8 mln in 2022; Q4 hits SAR 94.5 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2022

Revenue by Business Segment (Latest) 2022 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

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Business Segments (Million)