Savola net profit up 45% to SAR 392.7 mln in Q1

Savola net profit up 45% to SAR 392.7 mln in Q1

10/05/2023 Argaam Exclusive

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Savola Group posted a net profit of SAR 392.7 million in Q1 2023, a 45% increase from SAR 270.9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 7,489.35 7,814.49 4.3 %
Gross Income 1,285.41 1,502.03 16.9 %
Operating Income 324.26 513.81 58.5 %
Net Income 270.89 392.75 45.0 %
Average Shares 533.98 533.98 -
EPS (Riyals) 0.51 0.74 45.0 %

The positive performance was driven by higher net profit of the food processing segment, increased share of profits from associates, capital gain of SAR 18.5 million on the disposal of investment in Savola Morocco Co., and a net impact of SAR 23.3 million from the refund of custom duty from Zakat, Tax and Customs Authority (ZATCA). 

 

The increase in net profit was partially offset by higher operating expenses, net finance cost, as well as Zakat and income tax expenses. 

 

Sequentially, net profit more than quadrupled from SAR 94.47 million in Q4 2022.

 

Shareholders’ equity, excluding minority interest, stood at SAR 8.49 billion as of March 31, 2023, compared to SAR 8.17 billion a year earlier.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q2 2021 5,900.96 (1.8 %) 1,117.62 (12.6 %) 200.02 (51.2 %) 0.37
Q3 2021 6,048.46 31.9 % 1,023.66 (3.8 %) 122.40 (56.9 %) 0.23
Q4 2021 6,755.27 30.3 % 1,127.80 5.0 % (254.36) (668.7 %) (0.48)
Q1 2022 7,489.35 25.8 % 1,285.41 6.1 % 270.89 76.1 % 0.51
Q2 2022 6,888.31 16.7 % 1,247.66 11.6 % 213.75 6.9 % 0.40
Q3 2022 7,072.41 16.9 % 1,148.92 12.2 % 163.64 33.7 % 0.31
Q4 2022 6,604.64 (2.2 %) 1,192.09 5.7 % 94.47 137.1 % 0.18
Q1 2023 7,814.49 4.3 % 1,502.03 16.9 % 392.75 45.0 % 0.74

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2021 20.66 % 8.73 % 3.06 %
Q3 2021 19.18 % 7.81 % 2.26 %
Q4 2021 18.17 % 7.90 % 2.61 %
Q1 2022 17.39 % 7.67 % 2.90 %
Q2 2022 17.23 % 7.57 % 2.85 %
Q3 2022 17.05 % 8.24 % 2.89 %
Q4 2022 17.37 % 8.34 % 2.27 %
Q1 2023 17.94 % 8.97 % 2.52 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2021 533.98 1.28 1.24 15.80
Q3 2021 533.98 0.98 0.98 15.78
Q4 2021 533.98 0.42 1.21 15.13
Q1 2022 533.98 0.63 1.42 15.31
Q2 2022 533.98 0.66 1.45 15.46
Q3 2022 533.98 0.74 1.53 15.73
Q4 2022 533.98 1.39 1.19 15.46
Q1 2023 533.98 1.62 1.34 15.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2021 33.77 34.84 2.73
Q3 2021 38.44 38.44 2.38
Q4 2021 76.89 26.50 2.11
Q1 2022 57.42 25.58 2.38
Q2 2022 50.87 23.16 2.17
Q3 2022 38.43 18.56 1.80
Q4 2022 19.73 23.06 1.78
Q1 2023 17.26 20.85 1.76

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
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)
Q2 2021 2,645.54 2,843.25 322.02 158.60 7.44 - - (75.90)
Q3 2021 3,094.32 2,532.15 352.59 148.94 6.69 - - (75.30)
Q4 2021 3,984.53 2,381.16 329.15 160.43 6.25 - - (106.26)
Q1 2022 4,327.59 2,805.63 328.20 184.38 7.38 - - (163.83)
Q2 2022 4,068.96 2,430.77 291.61 165.13 6.49 - - (74.66)
Q3 2022 4,300.08 2,407.17 309.52 153.25 6.59 - - (104.20)
Q4 2022 3,744.17 2,470.44 314.51 167.25 6.88 - - (98.60)
Q1 2023 4,397.97 3,117.87 275.13 211.43 9.02 - - (196.93)

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 201.00 392.75 95.40 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
Al Rajhi Capital 265.00 392.75 48.2 %
SNB Capital 137.00 392.75 186.7 %


Financial Ratios
Current
Market Cap (M Riyal) 23,949.03
Enterprise Value (EV) (M) 31,606.85
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) 32.23
P/E (TTM) 28.01
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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