Savola H1 2023 net profit up 8% to SAR 524.8; Q2 down to SAR 132 mln

09/08/2023 Argaam Exclusive

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Savola Group posted an 8% rise in net profit in H1 2023, reaching SAR 524.8 million, compared to SAR 484.6 million in H1 2022.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	14,377.66	13,907.78	(3.3 %)
Gross Income	2,533.08	2,748.99	8.5 %
Operating Income	623.11	773.90	24.2 %
Net Income	484.64	524.78	8.3 %
Average Shares	911.17	911.17	-
EPS (Riyals)	0.53	0.58	8.3 %

The group reported revenues of SAR 13.9 billion during H1 2023 compared to SAR 14.3 billion for H1 2022, a 3.3% decrease.

The positive performance was driven by higher gross profit in the food processing and retail segments.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	6,888.31	6,093.29	(11.5 %)
Gross Income	1,247.66	1,246.96	(0.1 %)
Operating Income	298.85	260.09	(13.0 %)
Net Income	213.75	132.03	(38.2 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.23	0.14	(38.2 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	7,814.49	6,093.29	(22.0 %)
Gross Income	1,502.03	1,246.96	(17.0 %)
Operating Income	513.81	260.09	(49.4 %)
Net Income	392.75	132.03	(66.4 %)
Average Shares	911.17	911.17	-
EPS (Riyals)	0.43	0.14	(66.4 %)

In addition, the company achieved a capital gain of SAR 18.5 million resulting from selling an investment in Savola Morocco.

The profit rise was also attributed to the refund of SAR 23.3 million in customs fees from the Zakat, Tax and Customs Authority (ZATCA).

This came despite higher operating expenses (OpEx), net finance costs, and Zakat and income tax expenses.

In Q2 2023, the company’s net profit fell 38.2% to SAR 132.00 million from SAR 213.75 million in the prior year period. The edible oil producer reported a lower profit share from associates. Higher finance costs, OpEx as well as Zakat and income tax expenses weighed on the second-quarter results.

Sequentially, the Saudi-listed firm’s profit dropped 66.4% from SAR 392.7 million in Q1 2023 due to the lower gross profit of the food processing segment and higher OpEx.

Total shareholders' equity, excluding minority interest, reached SAR 8.19 billion as of June 30, 2023, compared to SAR 8.25 billion in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
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 %)

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 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
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

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 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 %
Q1 2023	17.94 %	7.79 %	2.52 %
Q2 2023	18.45 %	7.92 %	2.30 %

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 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 %)
Q1 2023	19.22 %	10.01 %	4.49 %
Q2 2023	20.46 %	8.65 %	2.17 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q1 2023	911.17	0.95	0.79	9.32
Q2 2023	911.17	0.86	0.70	9.00

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 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
Q1 2023	21.50	25.97	2.19
Q2 2023	35.38	43.69	3.38

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 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)
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)

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	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	274.90	132.03	(52.0 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
HSBC	182.00	132.03	(27.5) %
SNB Capital	231.00	132.03	(42.8) %
Hermes	236.00	132.03	(44.1) %
Al Rajhi Capital	325.00	132.03	(59.4) %
Goldman Sachs	400.49	132.03	(67.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	27,714.47
Enterprise Value (EV) (M)	28,946.57
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)	35.53
P/E (TTM)	31.06
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 H1 2023 net profit up 8% to SAR 524.8; Q2 down to SAR 132 mln

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Savola H1 2023 net profit up 8% to SAR 524.8; Q2 down to SAR 132 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) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

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Business Segments (Million)