AnnouncementDetails

Actions

Savola Group announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 6,119.85,387.913.5845,495.611.358
Gross Profit (Loss) 1,2231,065.514.7811,224.3-0.106
Operational Profit (Loss) 408.5205.998.397313.430.344
Net Profit (Loss) after Zakat and Tax 172.86.32,642.857137.325.855
Total Comprehensive Income 19.413.939.568136.4-85.777
All figures are in (Millions) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 7,609.77,141.46.557
Profit (Loss) per Share 0.320.01
All figures are in (Millions) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The net profit for the current quarter has significantly increased to SAR 172.8 million in comparison to SAR 6.3 million for the quarter ended 31 March 2019.

The profit achieved is mainly attributed to the following:

-Increase in the gross profit is mainly due to the higher sales and margins in both food and retail sectors;

-Higher share of profits from associates; and

-Lower operating expenses.

The net profit was achieved despite of the following:

-Slightly higher net finance cost resulting from the foreign currency exchange losses, being offset by the lower financial charges on borrowings;

-A non-recurring zakat and tax provision reversal relating to prior years assessments was recorded in the quarter ended 31 March 2019; and

-Higher zakat and tax expense.

In addition to the net profit achieved as disclosed above, the total comprehensive income for the current quarter compared to the total comprehensive income for the same quarter last year is achieved, despite also of the following:

-The impact of actuarial loss relating to the re-measurement of defined benefit liability;

-Loss resulting from the fair value change in the “investments at fair value through Other Comprehensive Income”;

-Increase in the foreign currency exchange losses relating to the overseas subsidiaries due to devaluation and foreign currency translation impact; and

-Decrease in the share of other comprehensive income relating to investments in equity accounted investees.

Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The net profit for the current quarter has increased to SAR 172.8 million in comparison to SAR 137.3 million for the quarter ended 31 December 2019:

The profit achieved is mainly attributed to the following:

-Higher sales and margins mainly in food sector;

-Higher share of profits from associates;

-Lower operating expenses;

-Impairment loss recorded in the quarter ended 31 December 2019; and

-Lower zakat and tax expense.

The net income is achieved despite of the following:

-Higher net financial charges; and

-A non-recurring zakat and tax provision reversal relating to prior years assessments for the subsidiaries, being recorded in the quarter ended 31 December 2019.

In addition to the net profit achieved as disclosed above, the total comprehensive income for the current quarter compared to the total comprehensive income for the previous quarter is achieved despite also of the following:

-The impact of actuarial loss relating to the re-measurement of defined benefit liability;

-Loss resulting from the fair value change in the “investments at fair value through Other Comprehensive Income”;

-Increase in the foreign currency exchange losses relating to the overseas subsidiaries due to devaluation and foreign currency translation impact; and

-Decrease in the share of other comprehensive income relating to investments in equity accounted investees.

Basis of the External Auditor's Opinion Unmodified opinion
Reclassification of Comparison Items Items, elements and notes of the comparatives 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 16 (Amendments to standards and standards issued and not yet effective) in the condensed Consolidated Interim Financial Statements for the period ended March 31, 2020 and March 31, 2019.
Additional Information The existence of novel coronavirus (COVID-19) was confirmed in early 2020 and has spread across multiple geographies, causing disruptions to businesses and economic activity. In response to the spread of COVID-19 and its resulting disruptions to the social and economic activities, the Group’s management has already mobilized a task force to assess the possible impact on its business in Saudi Arabia and other geographies where group operates. The management has also taken a series of preventive measures to ensure the health and safety of its employees, customers and wider community as well as to ensure the continuity of its operations.

Since the extent and duration of such impacts remain uncertain and dependent on future developments that cannot be accurately predicated at this time, the management and those charged with governance will continue to monitor the potential risks around supply of material, manpower, inventory levels and minimum interruptions to the production facilities across all geographies and accordingly update stakeholders for material deviations, as per local regulatory requirements.

We would like to inform the investors that the condensed consolidated interim financial statements of the Group for the period ended 31 March 2020 will be uploaded on Savola website after submitting it to the concerned authorities, and can be accessed through the following link:

http://www.savola.com/SavolaE/Financial_Reports.php

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.

Company Profile

Actions

Company Profile

Summary

Last Price Net Change
45.8 -2.85 (-5.86%)
Value Traded (SAR) Volume Traded
25,401,282.8 540,373

RelatedAnnouncementPortlet

Actions

Related Announcements

A 2050 SAVOLA GROUP -2.85 (-5.86%)

1442/03/11   28/10/2020 15:30:37

The Savola Group Announces the resignation of the Group CEO and appoint a new Group CEO

A 2050 SAVOLA GROUP -2.85 (-5.86%)

1442/02/19   06/10/2020 15:39:28

The Savola Group Announces the Appointment of an Audit Committee Member

A 2050 SAVOLA GROUP -2.85 (-5.86%)

1442/01/26   14/09/2020 08:07:16

The Savola Group announces the results of the buyback of its shares (First Tranche)

A 2050 SAVOLA GROUP -2.85 (-5.86%)

1441/12/26   16/08/2020 08:31:24

THE SAVOLA GROUP ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30/06/2020 (SIX MONTHS)

View all announcements