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The Savola Group announces its Interim Financial Results for the Period Ended on 2020-12-31 ( Twelve Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 5,183.35,231.7-0.9254,587.312.992
Gross Profit (Loss) 1,069.61,191.5-10.231,064.40.488
Operational Profit (Loss) 224.4312.3-28.146439.3-48.918
Net Profit (Loss) after Zakat and Tax 44.7137.3-67.443283.7-84.243
Total Comprehensive Income 75.1136.4-44.941456.8-83.559
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 21,700.521,406.41.373
Gross Profit (Loss) 4,635.74,504.32.917
Operational Profit (Loss) 1,656.71,30926.562
Net Profit (Loss) after Zakat and Tax 910.8475.691.505
Total Comprehensive Income 825.9462.878.457
Total Share Holders Equity (after Deducting Minority Equity) 8,240.87,590.28.571
Profit (Loss) per Share 1.710.89
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The decrease in the net profit for the 4th quarter, 2020 compared to the net profit for the same quarter last year is attributed mainly to the following:

-Lower gross profit due to slightly lower sales and margins;

-Positive impact resulting from zakat and tax provision reversal relating to prior years’ assessments was recorded in the same quarter last year.

The decrease in net profit is recorded despite of the following:

-Higher share of profits from associates;

-Lower operating expenses; and

-Lower net finance cost and zakat and income tax.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The decrease in the net profit for the 4th quarter compared to the net profit for the previous quarter of the same year is attributed mainly to the following:

- Lower share of profits from associates;

- Net finance cost has increased mainly due to the hyperinflation adjustment relating to the overseas subsidiaries;

- Higher operating expenses due to an impairment loss;

-Positive impact resulting from zakat and tax provision reversal relating to prior years’ assessments was recorded in the previous quarter; and

- Higher zakat and tax expense.

The decrease in the net profit is recorded despite of higher sales and gross profit.

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The increase in the net profit for the period ended 31st December 2020 compared to the net profit for the similar period last year is attributed mainly to the following:

-Higher gross profits due to higher sales and margins;

-Higher share of profits from associates;

-Lower operating expenses; and

- Lower net finance cost

The net profit for the period was achieved despite of the following:

- Higher zakat and tax expense; and

- Decrease in the zakat and tax provision reversal relating to prior years’ assessments was recorded in the prior year.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items Items, elements and notes of the comparatives in the Condensed Consolidated Interim Financial Statements have been redisplayed, regrouped and reclassified to meet with the applied accounting policies for the current period, which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please refer to note 18 (Amendments to standards and standards issued and not yet effective) in the Condensed Consolidated Interim Financial Statements for the period ended December 31, 2020 and December 31, 2019.
Additional Information Revenue by segment before inter segment eliminations: For the year of 2020 as compared to last year, revenues increased in the Retail and Frozen Food segment by 8.9% and 18.8%, respectively. While revenues decreased in the Food Processing and Food Services segments by 6.1% and 16.6% respectively, compared to last year.

Net profit by segment: For the year 2020 as compared to last year, net profits from the Food Processing, Frozen Foods and Investments increased by 6.4%, 57.1% and 15.6%, respectively. The Retail segment recorded a net profit of SAR 71.87 million in 2020 compared to a net loss of SAR 342.41 million last year.

The Condensed Consolidated Financial statements for the year ended 31st December 2020 will be available through the following link on Savola’s website, and Savola’s IR App after sending it to the relevant authorities: http://www.savola.com/SavolaE/Financial_Reports.php

The quarterly investor presentation will be available on Savola’s website within the Investors section at the following link:

https://www.savola.com/en/investors/investor-relations/financial-information/earnings-presentations

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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