Financial Results : Savola 9M 2022 net profit up 36% to SAR 648.3 mln; Q3 at SAR 163.6 mln

Savola 9M 2022 net profit up 36% to SAR 648.3 mln; Q3 at SAR 163.6 mln

30/10/2022 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 648.3 million, for the first nine months of 2022, an increase of 36%, compared to SAR 476.2 million in a year earlier period, driven by higher gross profit, improved margins in the food processing segment and higher profit share from associates, despite higher operating expenses and increased net finance cost.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 17,913.90 21,450.06 19.7 %
Gross Income 3,350.92 3,681.99 9.9 %
Operating Income 639.53 866.02 35.4 %
Net Income 476.24 648.28 36.1 %
Average Shares 241.05 241.05 -
Earnings Per Share before unusual items (Riyals) 1.98 2.69 36.1 %
EPS (Riyal) 1.98 2.69 36.1 %
Q3 2022 net profit after Zakat and tax jumped 33.7% to SAR 163.6 million, from SAR 122.4 million in the prior-year period, on higher gross profit primarily due to improved margins in the food processing segment. The company also cited a higher profit share from associates.
 
On a sequential basis, net profit fell 23.5%.


Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 6,048.46 7,072.41 16.9 %
Gross Income 1,023.66 1,148.92 12.2 %
Operating Income 152.76 242.92 59.0 %
Net Income 122.40 163.64 33.7 %
Average Shares 241.05 241.05 -
Earnings Per Share before unusual items (Riyal) 0.51 0.68 33.7 %
EPS (Riyal) 0.51 0.68 33.7 %

Total shareholders’ equity, after minority interest, reached SAR 8.401 billion as of Sept. 30, 2022, compared to SAR 8.426 billion in prior-year period.

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