Savola sees modest profit slip to SAR 665.1M in 9M 2024; Q3 at SAR 181M

27/10/2024 Argaam Exclusive

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Savola Group reported a net profit of SAR 665.1 million for the first nine months of 2024, a marginal pullback from SAR 672.1 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	20,258.68	19,217.67	(5.1 %)
Gross Income	4,059.48	4,030.02	(0.7 %)
Operating Income	1,115.05	1,032.07	(7.4 %)
Net Income	672.13	665.12	(1.0 %)
Average Shares	241.05	300.00	24.5 %
Earnings Per Share before unusual items (Riyals)	2.62	2.22	(15.2 %)
EPS (Riyals)	2.79	2.22	(20.5 %)

The annual profit drop was attributed to lower revenues from the food processing segment due to the decline in crude edible oil prices and sales, paired with the foreign exchange (FX) negatives in some international markets.

This is besides the investment divestment of Savola Morocco SA, alongside the temporary suspension of operations in Sudan due to the escalating conflict in the country.

In the food processing segment, net earnings contracted by SAR 87 million, hurt by recognizing SAR 109 million in FX losses given the weaker Egyptian pound. As for the food services segment, it swung to net losses of SAR 56.6 million in 9M 2024, versus profitmaking in the year-ago period.

Savola also logged a non-recurring loss of SAR 29 million on the acquisition of an emerging asset (the Munchbox brand). Further, operating expenses (opex) and net financing costs (FCs) increased year-on-year (YoY) in the first nine months of 2024.

This came although Savola witnessed improved performance in its retail segment, which turned from a net loss of SAR 22 million in 9M 2023 to a net profit of SAR 96.5 million in 9M 2024, thanks to its Customer Experience Revival (CXR) Program.

Additionally, it recorded non-recurring revenues of SAR 19.4 million due to customs duty refunds in the first nine months of 2024, besides posting an increased share of profits from associate companies. Zakat and income tax expenses also decreased YoY during the same period.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	6,350.90	6,060.82	(4.6 %)
Gross Income	1,310.49	1,196.50	(8.7 %)
Operating Income	341.14	201.68	(40.9 %)
Net Income	147.36	181.02	22.8 %
Average Shares	241.05	300.00	24.5 %
Earnings Per Share before unusual items (Riyals)	0.61	0.60	(1.3 %)
EPS (Riyals)	0.61	0.60	(1.3 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	5,374.97	6,060.82	12.8 %
Gross Income	1,214.78	1,196.50	(1.5 %)
Operating Income	219.83	201.68	(8.3 %)
Net Income	135.39	181.02	33.7 %
Average Shares	241.05	300.00	24.5 %
Earnings Per Share before unusual items (Riyals)	0.56	0.60	7.4 %
EPS (Riyals)	0.56	0.60	7.4 %

In Q3 2024, Savola’s bottom-line came in at SAR 181 million, up 22.8% from SAR 147.36 million in the prior-year period.

On a quarterly basis, net earnings climbed by 33.7% from SAR 135. 59 million in Q2 2024.

Shareholders’ equity (after minority interest) grew to SAR 14.72 billion by the end of Sept. 30, 2024, compared to SAR 8.30 billion in the year before.

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Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
Q1 2015	470.51	11.2 %	1.95	227.39	243.12	1.01
Q2 2015	434.37	(15.4 %)	1.80	(0.67)	435.03	1.80
Q3 2015	371.56	(47.0 %)	1.54	5.72	365.84	1.52
Q4 2015	515.32	18.6 %	2.14	199.19	316.13	1.31
2015	1,791.75	(13.5 %)	7.43	431.63	1,360.11	5.64
Q1 2016	119.38	(74.6 %)	0.50	(107.31)	226.69	0.94
Q2 2016	253.52	(41.6 %)	1.05	(42.26)	295.78	1.23
Q3 2016	179.51	(51.7 %)	0.74	(3.13)	182.64	0.76
Q4 2016	(915.70)	(277.7 %)	(3.80)	(597.46)	(318.23)	(1.32)
2016	(363.29)	(120.3 %)	(1.51)	(750.15)	386.87	1.60
Q1 2017	4.78	(96.0 %)	0.02	15.61	(10.83)	(0.04)
Q2 2017	229.31	(9.5 %)	0.95	68.14	161.17	0.67
Q3 2017	829.04	361.8 %	3.44	693.94	135.10	0.56
Q4 2017	(37.51)	95.9 %	(0.16)	(222.02)	184.51	0.77
2017	1,025.62	382.3 %	4.25	555.67	469.95	1.95
Q1 2018	(84.32)	(1864.7 %)	(0.35)	3.27	(87.58)	(0.36)
Q2 2018	140.65	(38.7 %)	0.58	-	140.65	0.58
Q3 2018	(50.73)	(106.1 %)	(0.21)	-	(50.73)	(0.21)
Q4 2018	(525.99)	(1,302.2 %)	(2.18)	(300.29)	(225.70)	(0.94)
2018	(520.38)	(150.7 %)	(2.16)	(297.02)	(223.36)	(0.93)
Q1 2019	6.33	107.5 %	0.03	42.71	(36.38)	(0.15)
Q2 2019	110.23	(21.6 %)	0.46	7.56	102.67	0.43
Q3 2019	221.76	537.2 %	0.92	21.17	200.59	0.83
Q4 2019	137.31	126.1 %	0.57	66.84	70.48	0.29
2019	475.63	191.4 %	1.97	138.28	337.36	1.40
Q1 2020	172.76	2629.1 %	0.72	-	172.76	0.72
Q2 2020	409.58	271.6 %	1.70	-	409.58	1.70
Q3 2020	283.74	28.0 %	1.18	21.00	262.74	1.09
Q4 2020	44.73	(67.4 %)	0.19	-	44.73	0.19
2020	910.80	91.5 %	3.78	21.00	889.80	3.69
Q1 2021	153.83	(11.0 %)	0.64	-	153.83	0.64
Q2 2021	200.02	(51.2 %)	0.83	-	200.02	0.83
Q3 2021	122.40	(56.9 %)	0.51	-	122.40	0.51
Q4 2021	(254.36)	(668.7 %)	(1.06)	(421.87)	167.50	0.69
2021	221.88	(75.6 %)	0.92	(421.87)	643.75	2.67
Q1 2022	270.89	76.1 %	1.12	-	270.89	1.12
Q2 2022	213.75	6.9 %	0.89	-	213.75	0.89
Q3 2022	163.64	33.7 %	0.68	-	163.64	0.68
Q4 2022	94.47	137.1 %	0.39	107.03	(12.56)	(0.05)
2022	742.75	234.8 %	3.08	107.03	635.73	2.64
Q1 2023	392.75	45.0 %	1.63	41.78	350.97	1.46
Q2 2023	132.03	(38.2 %)	0.55	-	132.03	0.55
Q3 2023	147.36	(9.9 %)	0.61	-	147.36	0.61
Q4 2023	227.05	140.3 %	0.94	111.93	115.12	0.48
2023	899.19	21.1 %	3.73	153.71	745.48	3.09
Q1 2024	348.71	(11.2 %)	1.45	-	348.71	1.45
Q2 2024	135.39	2.5 %	0.56	-	135.39	0.56
Q3 2024	181.02	22.8 %	0.60	-	181.02	0.60

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	Earnings Per Share before unusual items
2014	2,072.32	21.6 %	8.60	192.59	1,879.73	7.80
2015	1,791.75	(13.5 %)	7.43	431.63	1,360.11	5.64
2016	(363.29)	(120.3 %)	(1.51)	(750.15)	386.87	1.60
2017	1,025.62	382.3 %	4.25	555.67	469.95	1.95
2018	(520.38)	(150.7 %)	(2.16)	(297.02)	(223.36)	(0.93)
2019	475.63	191.4 %	1.97	138.28	337.36	1.40
2020	910.80	91.5 %	3.78	21.00	889.80	3.69
2021	221.88	(75.6 %)	0.92	(421.87)	643.75	2.67
2022	742.75	234.8 %	3.08	107.03	635.73	2.64
2023	899.19	21.1 %	3.73	153.71	745.48	3.09

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %)
Q3 2023	6,350.90	(10.2 %)	1,310.49	14.1 %	341.14	40.4 %
Q4 2023	3,890.84	(41.1 %)	986.36	(17.3 %)	105.81	39.0 %
2023	24,149.52	(13.9 %)	5,045.84	3.5 %	1,220.86	29.6 %
Q1 2024	7,147.41	(8.5 %)	1,499.39	(0.2 %)	515.73	0.4 %
Q2 2024	5,374.97	(11.8 %)	1,214.78	(2.6 %)	219.83	(15.5 %)
Q3 2024	6,060.82	(4.6 %)	1,196.50	(8.7 %)	201.68	(40.9 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2023	24,149.52	(13.9 %)	5,045.84	3.5 %	1,220.86	29.6 %

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %	8.67 %	1.56 %
2019	21.04 %	8.74 %	1.58 %
Q1 2020	21.08 %	9.21 %	2.47 %
Q2 2020	21.41 %	10.02 %	3.83 %
Q3 2020	21.88 %	10.24 %	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 %
Q3 2023	19.55 %	8.57 %	2.30 %
Q4 2023	20.89 %	9.71 %	3.09 %
2023	20.89 %	9.71 %	3.09 %
Q1 2024	21.48 %	10.04 %	3.16 %
Q2 2024	22.01 %	10.29 %	3.28 %
Q3 2024	21.79 %	9.76 %	3.47 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2023	20.89 %	9.71 %	3.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %	9.88 %	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 %
Q3 2023	20.63 %	9.89 %	2.32 %
Q4 2023	25.35 %	10.43 %	2.96 %
Q1 2024	20.98 %	11.14 %	4.88 %
Q2 2024	22.60 %	9.50 %	2.52 %
Q3 2024	19.74 %	7.93 %	2.99 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2015	241.05	8.79	7.07	41.91
Q2 2015	241.05	8.47	6.90	43.46
Q3 2015	241.05	7.10	6.36	42.62
Q4 2015	241.05	7.43	5.64	43.77
Q1 2016	241.05	5.98	5.57	40.83
Q2 2016	241.05	5.23	5.00	41.13
Q3 2016	241.05	4.43	4.24	40.99
Q4 2016	241.05	(1.51)	1.60	34.09
Q1 2017	241.05	(1.98)	0.62	34.08
Q2 2017	241.05	(2.08)	0.06	34.91
Q3 2017	241.05	0.61	(0.14)	38.14
Q4 2017	241.05	4.25	1.95	36.63
Q1 2018	241.05	3.89	1.63	35.63
Q2 2018	241.05	3.52	1.55	34.08
Q3 2018	241.05	(0.13)	0.78	31.67
Q4 2018	241.05	(2.16)	(0.93)	29.57
Q1 2019	241.05	(1.78)	(0.71)	29.63
Q2 2019	241.05	(1.91)	(0.87)	30.03
Q3 2019	241.05	(0.78)	0.17	30.92
Q4 2019	241.05	1.97	1.40	31.49
Q1 2020	241.05	2.66	2.27	31.57
Q2 2020	241.05	3.91	3.54	32.04
Q3 2020	241.05	4.16	3.80	33.87
Q4 2020	241.05	3.78	3.69	34.15
Q1 2021	241.05	3.70	3.61	35.29
Q2 2021	241.05	2.83	2.74	35.00
Q3 2021	241.05	2.16	2.16	34.96
Q4 2021	241.05	0.92	2.67	33.51
Q1 2022	241.05	1.41	3.16	33.93
Q2 2022	241.05	1.46	3.21	34.25
Q3 2022	241.05	1.63	3.38	34.85
Q4 2022	241.05	3.08	2.64	34.24
Q1 2023	241.05	3.59	2.97	35.22
Q2 2023	241.05	3.25	2.63	34.01
Q3 2023	241.05	3.18	2.56	34.47
Q4 2023	241.05	3.73	3.09	34.84
Q1 2024	241.05	3.55	3.08	34.92
Q2 2024	241.05	3.56	3.10	35.77
Q3 2024	300.00	2.97	2.60	49.09

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2014	241.05	8.60	7.80	41.34
2015	241.05	7.43	5.64	43.77
2016	241.05	(1.51)	1.60	34.09
2017	241.05	4.25	1.95	36.63
2018	241.05	(2.16)	(0.93)	29.57
2019	241.05	1.97	1.40	31.49
2020	241.05	3.78	3.69	34.15
2021	241.05	0.92	2.67	33.51
2022	241.05	3.08	2.64	34.24
2023	241.05	3.73	3.09	34.84

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	6.08	7.56	1.28
Q2 2015	6.32	7.76	1.23
Q3 2015	6.39	7.13	1.06
Q4 2015	5.29	6.96	0.90
Q1 2016	5.46	5.86	0.80
Q2 2016	5.46	5.71	0.69
Q3 2016	5.63	5.88	0.61
Q4 2016	NEG	19.55	0.92
Q1 2017	NEG	52.04	0.95
Q2 2017	NEG	More than 100	1.13
Q3 2017	58.36	NEG	0.94
Q4 2017	7.26	15.84	0.84
Q1 2018	8.90	21.20	0.97
Q2 2018	8.28	18.84	0.85
Q3 2018	NEG	30.42	0.74
Q4 2018	NEG	NEG	0.71
Q1 2019	NEG	NEG	0.83
Q2 2019	NEG	NEG	0.85
Q3 2019	NEG	More than 100	0.78
Q4 2019	13.61	19.19	0.85
Q1 2020	10.48	12.31	0.88
Q2 2020	8.43	9.30	1.03
Q3 2020	9.02	9.88	1.11
Q4 2020	8.80	9.00	0.97
Q1 2021	8.31	8.51	0.87
Q2 2021	11.92	12.30	0.96
Q3 2021	13.57	13.57	0.84
Q4 2021	27.14	9.36	0.75
Q1 2022	20.27	9.03	0.84
Q2 2022	17.96	8.18	0.77
Q3 2022	13.57	6.55	0.64
Q4 2022	6.97	8.14	0.63
Q1 2023	6.09	7.36	0.62
Q2 2023	10.03	12.38	0.96
Q3 2023	8.86	11.00	0.82
Q4 2023	7.85	9.47	0.84
Q1 2024	12.41	14.28	1.26
Q2 2024	10.02	11.53	1.00
Q3 2024	9.73	11.12	0.59

Period	P/E	Adjusted P/E	Price/book
2014	7.16	7.89	1.49
2015	5.29	6.96	0.90
2016	NEG	19.55	0.92
2017	7.26	15.84	0.84
2018	NEG	NEG	0.71
2019	13.61	19.19	0.85
2020	8.80	9.00	0.97
2021	27.14	9.36	0.75
2022	6.97	8.14	0.63
2023	7.85	9.47	0.84

Business Segments (Million)

Compared With The

Period	Food sector	Retail sector	Food services	Frozen food	Investments	Manufacturing & Whole sale sector	Disposals
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)
Q3 2023	3,516.30	2,479.27	313.04	161.19	7.05	-	(125.95)
Q4 2023	1,084.81	2,436.38	297.31	176.97	6.86	-	(111.50)
Q1 2024	3,616.84	3,217.66	289.04	230.21	8.44	-	(214.79)
Q2 2024	2,667.04	2,299.13	301.12	169.07	6.16	-	(67.55)
Q3 2024	3,147.31	2,541.00	278.65	164.34	6.84	-	(77.31)

Period	Food sector	Retail sector	Food services	Frozen food	Investments	Manufacturing & Whole sale sector	Disposals
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)
2023	12,396.54	10,331.38	1,173.70	714.07	29.56	-	(495.72)

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬
Average	211.36	181.02	(14.4 %)	181.02	(14.4 %)

Estimates vs Actual (Million)

Item	Q3 2024 (e)	Q3 2024 (net income)	Change
Hermes	181.00	181.02	0.0 %
SNB Capital	154.00	181.02	14.9 %
Goldman Sachs	226.80	181.02	(25.3) %
Al Rajhi Capital	233.00	181.02	(28.7) %
YAQEEN	262.00	181.02	(44.7) %

Financial Ratios

	Current
Market Cap (M Riyal)	8,445.01
Enterprise Value (EV) (M)	9,519.82
Shares Outstanding ((M))	300.00
EPS ( Riyal) (TTM)	32.72
Book Value (BV) ( Riyal)	16.00
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	29.89
P/E (TTM)	0.86
Price/book	1.76
Return on Average Assets (%) (TTM)	38.6
Return on Average Equity (%) (TTM)	148.5

Savola Group (SAVOLA GROUP)

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Savola sees modest profit slip to SAR 665.1M in 9M 2024; Q3 at SAR 181M

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Financials (M)

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Profit Performance (Million)

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Financial results (Million)

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Savola sees modest profit slip to SAR 665.1M in 9M 2024; Q3 at SAR 181M

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2024

Revenue by Business Segment (Latest) 2024 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Savola Group (SAVOLA GROUP)

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Business Segments (Million)