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.
| 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 | 533.98 | 533.98 | - |
| EPS (Riyals) | 1.62 | 0.89 | (45.0 %) |
| 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 | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.53 | 0.23 | (56.9 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 5,900.96 | 6,048.46 | 2.5 % |
| Gross Income | 1,117.62 | 1,023.66 | (8.4 %) |
| Operating Income | 242.53 | 152.76 | (37.0 %) |
| Net Income | 200.02 | 122.40 | (38.8 %) |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.37 | 0.23 | (38.8 %) |
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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