Savola Group reported a net profit after Zakat and tax of SAR 353.8 million for the first half of 2021, a decline of 39% from SAR 582.3 million in the same period last year.
The company attributed the decline in net profit to lower sales and margins in the retail and frozen foods sectors, along with lower share of profits from associates.
The profit drop was partially offset by lower operating expenses, net financial charges, and Zakat and tax expenses.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 11,929.96 | 11,854.53 | (0.6 %) |
| Gross Income | 2,501.68 | 2,329.25 | (6.9 %) |
| Operating Income | 636.99 | 486.77 | (23.6 %) |
| Net Income | 582.33 | 353.84 | (39.2 %) |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 1.09 | 0.66 | (39.2 %) |
Q2 2021 net profit after Zakat and tax halved to SAR 200 million from SAR 409.6 million in the corresponding period last year, as gross profit fell mainly due to the lower sales and margins in retail and frozen foods sectors.
On a sequential basis, Q2 net profit jumped 30% from SAR 153.8 million.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 6,007.08 | 5,900.96 | (1.8 %) |
| Gross Income | 1,278.68 | 1,117.62 | (12.6 %) |
| Operating Income | 363.61 | 242.53 | (33.3 %) |
| Net Income | 409.58 | 200.02 | (51.2 %) |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.77 | 0.37 | (51.2 %) |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 5,953.57 | 5,900.96 | (0.9 %) |
| Gross Income | 1,211.63 | 1,117.62 | (7.8 %) |
| Operating Income | 244.24 | 242.53 | (0.7 %) |
| Net Income | 153.83 | 200.02 | 30.0 % |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.29 | 0.37 | 30.0 % |
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