Savola Group posted a net profit of SAR 742.8 million in 2022, over three-fold increase from SAR 221.9 million a year earlier.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 24,669.16 | 28,054.70 | 13.7 % |
| Gross Income | 4,478.71 | 4,874.08 | 8.8 % |
| Operating Income | 881.10 | 1,667.90 | 89.3 % |
| Net Income | 221.88 | 742.75 | 234.8 % |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.42 | 1.39 | 234.8 % |
The positive performance was driven by higher gross profit as food processing segment’s gross earnings grew. In addition, the company noted higher share of profits from associates and a capital gain of SAR 42 million on the sale of an equity-accounted investment.
The increase in net profit came despite higher operating expenses, net finance cost, and Zakat and income tax expenses.
The group reported revenues of SAR 28.1 billion during 2022 compared to SAR 24.7 billion for 2021, a 14% increase.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 6,755.27 | 6,604.64 | (2.2 %) |
| Gross Income | 1,127.80 | 1,192.09 | 5.7 % |
| Operating Income | 241.57 | 238.49 | (1.3 %) |
| Net Income | (254.36) | 94.47 | 137.1 % |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | (0.48) | 0.18 | 137.1 % |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 7,072.41 | 6,604.64 | (6.6 %) |
| Gross Income | 1,148.92 | 1,192.09 | 3.8 % |
| Operating Income | 413.62 | 238.49 | (42.3 %) |
| Net Income | 163.64 | 94.47 | (42.3 %) |
| Average Shares | 533.98 | 533.98 | - |
| EPS (Riyals) | 0.31 | 0.18 | (42.3 %) |
During the fourth quarter, the group turned to a net profit of SAR 94.5 million, against a loss of SAR 254.36 million in the year-earlier period.
Sequentially, net profit fell 42.2% from SAR 163.64 million in Q3 2022.
Shareholders’ equity, excluding minority interest, stood at SAR 8.25 billion as of Dec. 31, 2022, compared to SAR 8.07 billion a year earlier.
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