Savola net profit down 11% to SAR 153.8 mln in Q1 2021

Savola net profit down 11% to SAR 153.8 mln in Q1 2021

29/04/2021 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 153.8 million for the first quarter of 2021, an 11% decline from a profit of SAR 172.8 million in the same period last year.

 

The company attributed the decline in net profit to lower sales and margins in the retail sector, lower share of profits from associates, higher operating expenses, and increase in Zakat and income-tax expenses.

 

The profit decline was partially offset by lower net financing cost resulting from drop in financial charges on borrowings.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 5,922.88 5,953.57 0.5 %
Gross Income 1,223.00 1,211.63 (0.9 %)
Operating Income 273.38 244.24 (10.7 %)
Net Income 172.76 153.83 (11.0 %)
Average Shares 533.98 533.98 -
EPS (Riyals) 0.32 0.29 (11.0 %)

When compared to previous quarter, Savola’s net profit for Q1 2021 tripled on higher sales and margins.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 6,588.97 16.8 % 995.71 14.9 % 242.31 46.7 % 0.48
Q2 2012 6,989.08 10.7 % 1,193.39 24.3 % 341.32 47.9 % 0.68
Q3 2012 6,869.78 0.8 % 1,161.19 18.3 % 405.22 31.6 % 0.81
Q4 2012 6,943.66 8.1 % 1,411.28 21.4 % 413.36 (17.1 %) 0.83
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 295.20 21.8 % 0.58
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 387.76 13.6 % 0.76
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 457.36 12.9 % 0.90
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 564.16 36.5 % 1.11
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 423.26 43.4 % 0.79
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 513.27 32.4 % 0.96
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 701.43 53.4 % 1.31
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 434.36 (23.0 %) 0.81
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 470.51 11.2 % 0.88
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 434.37 (15.4 %) 0.81
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 371.56 (47.0 %) 0.70
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 515.32 18.6 % 0.97
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 119.38 (74.6 %) 0.22
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 253.52 (41.6 %) 0.47
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 179.51 (51.7 %) 0.34
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (915.70) (277.7 %) (1.71)
Q1 2017 5,786.91 (9.9 %) 1,040.13 (18.3 %) 4.78 (96.0 %) 0.01
Q2 2017 6,653.26 (6.8 %) 1,140.04 (14.5 %) 229.31 (9.5 %) 0.43
Q3 2017 5,595.78 (9.1 %) 1,053.79 (10.9 %) 829.04 361.8 % 1.55
Q4 2017 5,794.53 (12.4 %) 1,160.16 34.2 % (37.51) 95.9 % (0.07)
Q1 2018 5,107.98 (11.7 %) 908.50 (12.7 %) (84.32) (1864.7 %) (0.16)
Q2 2018 6,147.58 (7.6 %) 1,066.86 (6.4 %) 140.65 (38.7 %) 0.26
Q3 2018 5,212.03 (6.9 %) 932.00 (11.6 %) (50.73) (106.1 %) (0.09)
Q4 2018 5,346.97 (7.7 %) 990.60 (14.6 %) (525.99) (1,302.2 %) (0.99)
Q1 2019 5,387.89 5.5 % 1,065.47 17.3 % 6.33 107.5 % 0.01
Q2 2019 5,812.70 (5.4 %) 1,163.16 9.0 % 110.23 (21.6 %) 0.21
Q3 2019 5,148.13 (1.2 %) 1,084.18 16.3 % 221.76 537.2 % 0.42
Q4 2019 5,231.73 (2.2 %) 1,191.50 20.3 % 137.31 126.1 % 0.26
Q1 2020 5,922.88 9.9 % 1,223.00 14.8 % 172.76 2629.1 % 0.32
Q2 2020 6,007.08 3.3 % 1,278.68 9.9 % 409.58 271.6 % 0.77
Q3 2020 4,587.28 (10.9 %) 1,064.43 (1.8 %) 283.74 28.0 % 0.53
Q4 2020 5,184.71 (0.9 %) 1,074.27 (9.8 %) 44.73 (67.4 %) 0.08
Q1 2021 5,953.57 0.5 % 1,211.63 (0.9 %) 153.83 (11.0 %) 0.29

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 15.68 % 7.39 % 4.31 %
Q2 2012 16.16 % 7.80 % 4.61 %
Q3 2012 16.79 % 8.26 % 4.97 %
Q4 2012 17.38 % 8.64 % 4.95 %
Q1 2013 18.42 % 9.48 % 5.03 %
Q2 2013 18.85 % 9.69 % 5.25 %
Q3 2013 19.25 % 9.79 % 5.55 %
Q4 2013 18.88 % 9.44 % 5.95 %
Q1 2014 18.40 % 8.63 % 6.69 %
Q2 2014 17.89 % 8.17 % 6.88 %
Q3 2014 17.95 % 8.18 % 7.08 %
Q4 2014 18.29 % 7.92 % 7.07 %
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 %
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 %
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 %
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 %)
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 % 11.45 % 1.56 %
Q1 2020 21.08 % 11.92 % 2.47 %
Q2 2020 21.41 % 12.70 % 3.83 %
Q3 2020 21.88 % 12.99 % 4.21 %
Q4 2020 21.38 % 9.58 % 4.10 %
Q1 2021 21.30 % 9.36 % 4.01 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 500.00 2.56 2.25 16.57
Q2 2012 500.00 2.78 2.47 15.91
Q3 2012 500.00 2.97 2.67 16.29
Q4 2012 500.00 2.80 2.71 16.57
Q1 2013 508.50 2.86 2.77 15.94
Q2 2013 508.50 2.95 2.86 16.21
Q3 2013 508.50 3.06 2.96 16.64
Q4 2013 508.50 3.35 2.96 18.07
Q1 2014 533.98 3.43 3.05 18.56
Q2 2014 533.98 3.67 3.21 18.52
Q3 2014 533.98 4.12 3.29 19.36
Q4 2014 533.98 3.88 3.52 18.66
Q1 2015 533.98 3.97 3.19 18.92
Q2 2015 533.98 3.82 3.11 19.62
Q3 2015 533.98 3.20 2.87 19.24
Q4 2015 533.98 3.36 2.55 19.76
Q1 2016 533.98 2.70 2.52 18.43
Q2 2016 533.98 2.36 2.26 18.57
Q3 2016 533.98 2.00 1.91 18.50
Q4 2016 533.98 (0.68) 0.72 15.39
Q1 2017 533.98 (0.89) 0.28 15.39
Q2 2017 533.98 (0.94) 0.03 15.76
Q3 2017 533.98 0.28 (0.06) 17.22
Q4 2017 533.98 1.92 0.88 16.53
Q1 2018 533.98 1.75 0.74 16.08
Q2 2018 533.98 1.59 0.70 15.39
Q3 2018 533.98 (0.06) 0.35 14.30
Q4 2018 533.98 (0.97) (0.42) 13.35
Q1 2019 533.98 (0.80) (0.32) 13.37
Q2 2019 533.98 (0.86) (0.39) 13.55
Q3 2019 533.98 (0.35) 0.08 13.96
Q4 2019 533.98 0.89 0.63 14.21
Q1 2020 533.98 1.20 1.02 14.25
Q2 2020 533.98 1.76 1.60 14.46
Q3 2020 533.98 1.88 1.71 15.29
Q4 2020 533.98 1.71 1.67 15.42
Q1 2021 533.98 1.67 1.63 15.93

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 14.36 16.30 2.22
Q2 2012 13.33 14.98 2.33
Q3 2012 13.89 15.48 2.54
Q4 2012 15.23 15.76 2.58
Q1 2013 15.23 15.73 2.78
Q2 2013 17.07 17.62 3.16
Q3 2013 18.39 18.96 3.43
Q4 2013 19.66 22.29 3.47
Q1 2014 19.60 22.08 3.62
Q2 2014 18.83 21.48 3.73
Q3 2014 20.17 25.31 4.30
Q4 2014 20.28 22.36 4.22
Q1 2015 17.22 21.41 3.61
Q2 2015 17.92 21.99 3.49
Q3 2015 18.10 20.20 3.01
Q4 2015 14.97 19.72 2.54
Q1 2016 15.48 16.59 2.27
Q2 2016 15.45 16.16 1.96
Q3 2016 15.94 16.67 1.72
Q4 2016 NEG 55.38 2.61
Q1 2017 NEG More than 100 2.68
Q2 2017 NEG More than 100 3.20
Q3 2017 More than 100 NEG 2.65
Q4 2017 20.56 44.87 2.39
Q1 2018 25.21 60.05 2.75
Q2 2018 23.46 53.37 2.42
Q3 2018 NEG 86.16 2.11
Q4 2018 NEG NEG 2.01
Q1 2019 NEG NEG 2.34
Q2 2019 NEG NEG 2.40
Q3 2019 NEG More than 100 2.21
Q4 2019 38.56 54.37 2.42
Q1 2020 29.69 34.88 2.51
Q2 2020 23.88 26.34 2.91
Q3 2020 25.54 28.00 3.14
Q4 2020 24.92 25.50 2.76
Q1 2021 23.53 24.10 2.47

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
Q1 2012 4,068.67 2,329.29 - - 20.45 236.24 - (65.67)
Q2 2012 4,327.47 2,427.10 - - 19.71 290.20 - (75.41)
Q3 2012 3,915.84 2,722.23 - - 19.71 273.72 - (61.72)
Q4 2012 4,076.70 2,677.90 - - 78.67 253.03 - (142.63)
Q1 2013 4,386.49 2,606.25 - - 19.29 249.06 - (71.22)
Q2 2013 3,859.23 2,635.50 - - 19.29 304.51 - (95.20)
Q3 2013 3,241.41 2,813.52 - - 19.29 304.95 - (59.03)
Q4 2013 3,065.27 2,869.33 - - 83.10 (858.51) - (111.80)
Q1 2014 3,463.82 2,818.18 - - 16.37 - - (57.53)
Q2 2014 4,119.66 3,283.45 - - 15.32 - - (81.85)
Q3 2014 3,336.91 2,868.20 - - 15.33 - - (70.40)
Q4 2014 3,671.56 3,234.54 - - 80.15 - - (125.88)
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)
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)

Analysts Estimates (Million)

Item Q1 2021 (e) Q1 2021 (a) Change‬
Average 141.00 153.83 9.10 %

Estimates vs Actual (Million)

Item Q1 2021 (e) Q1 2021 (a) Change
SNB Capital 203.00 153.83 (24.2) %
Al Rajhi Capital 79.00 153.83 94.7 %


Financial Ratios
Current
Market Cap (M Riyal) 23,975.73
Enterprise Value (EV) (M) 31,633.55
Shares Outstanding ((M)) 533.98
EPS ( Riyal) (TTM) 1.60
Book Value (BV) ( Riyal) 15.86
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 32.27
P/E (TTM) 28.04
Price/book 2.83
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 10.1
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Share Price

Savola Group
44.90
(0.10) (0.22 %)

Savola Group (SAVOLA GROUP)

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