The Savola Group’s Q1-2016 net profit of SAR 93 million was hurt by losses recorded within its retail segment, a breakdown of the company’s financial results showed.
In Q1, the retail segment saw its first quarterly loss in five years as it incurred losses of SAR 21.2 million.
Savola’s expansions through its 92 percent-owned subsidiary Panda Retail Co. also led to an increase in operating expenses in Q1, which negatively impacted sales growth and profitability. As many as 132 and 127 stores were added in 2014 and 2015, respectively, bringing up the total number of branches to 282.
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Performance of Savola’s Retail Business (SAR mln) |
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Period |
Revenue |
YoY change (%) |
Net profit |
YoY change (%) |
|
Q1 2016 |
3271.2 |
+2% |
(21.2) |
215% |
|
Q4 2015 |
3467.6 |
+7% |
33.9 |
84% |
|
Q3 2015 |
3092.0 |
+8% |
50.9 |
66% |
|
Q2 2015 |
3781.6 |
+15% |
48.3 |
35% |
|
Q1 2015 |
3192.5 |
+13% |
18.4 |
75% |
|
Q4 2014 |
3234.5 |
+13% |
206.4 |
+6% |
|
Q3 2014 |
2868.2 |
+2% |
150.2 |
+50% |
|
Q2 2014 |
3283.5 |
+25% |
73.9 |
+27% |
|
Q1 2014 |
2818.2 |
+8% |
72.2 |
+37% |
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