Savola 9M 2022 net profit up 36% to SAR 648.3 mln; Q3 at SAR 163.6 mln

Savola 9M 2022 net profit up 36% to SAR 648.3 mln; Q3 at SAR 163.6 mln

30/10/2022 Argaam Exclusive

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Savola Group reported a net profit after Zakat and tax of SAR 648.3 million, for the first nine months of 2022, an increase of 36%, compared to SAR 476.2 million in a year earlier period, driven by higher gross profit, improved margins in the food processing segment and higher profit share from associates, despite higher operating expenses and increased net finance cost.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 17,913.90 21,450.06 19.7 %
Gross Income 3,350.92 3,681.99 9.9 %
Operating Income 639.53 866.02 35.4 %
Net Income 476.24 648.28 36.1 %
Average Shares 241.05 241.05 -
EPS (Riyals) 1.98 2.69 36.1 %
Q3 2022 net profit after Zakat and tax jumped 33.7% to SAR 163.6 million, from SAR 122.4 million in the prior-year period, on higher gross profit primarily due to improved margins in the food processing segment. The company also cited a higher profit share from associates.
 
On a sequential basis, net profit fell 23.5%.


Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 6,048.46 7,072.41 16.9 %
Gross Income 1,023.66 1,148.92 12.2 %
Operating Income 152.76 242.92 59.0 %
Net Income 122.40 163.64 33.7 %
Average Shares 241.05 241.05 -
EPS (Riyals) 0.51 0.68 33.7 %

Total shareholders’ equity, after minority interest, reached SAR 8.401 billion as of Sept. 30, 2022, compared to SAR 8.426 billion in prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 7,189.86 9.1 % 1,390.62 39.7 % 601.26 90.8 %
Q2 2013 6,723.33 (3.8 %) 1,263.61 5.9 % 479.79 6.8 %
Q3 2013 6,320.13 (8.0 %) 1,167.37 0.5 % 399.06 (7.7 %)
Q4 2013 5,047.40 (27.3 %) 951.93 (32.5 %) 249.23 (58.9 %)
Q1 2014 6,240.84 (13.2 %) 1,092.94 (21.4 %) 297.17 (50.6 %)
Q2 2014 7,336.58 9.1 % 1,251.38 (1.0 %) 402.68 (16.1 %)
Q3 2014 6,150.04 (2.7 %) 1,150.73 (1.4 %) 362.59 (9.1 %)
Q4 2014 6,860.38 35.9 % 1,368.67 43.8 % 414.67 66.4 %
Q1 2015 6,223.71 (0.3 %) 1,159.16 6.1 % 227.93 (23.3 %)
Q2 2015 7,036.49 (4.1 %) 1,353.24 8.1 % 326.05 (19.0 %)
Q3 2015 5,603.56 (8.9 %) 1,238.87 7.7 % 245.60 (32.3 %)
Q4 2015 6,261.83 (8.7 %) 1,274.13 (6.9 %) 189.68 (54.3 %)
Q1 2016 6,421.75 3.2 % 1,273.15 9.8 % 242.12 6.2 %
Q2 2016 7,140.78 1.5 % 1,332.79 (1.5 %) 217.40 (33.3 %)
Q3 2016 6,154.31 9.8 % 1,182.55 (4.5 %) 113.77 (53.7 %)
Q4 2016 6,613.95 5.6 % 864.48 (32.2 %) (228.79) (220.6 %)
Q1 2017 5,786.91 (9.9 %) 1,040.13 (18.3 %) 18.06 (92.5 %)
Q2 2017 6,653.26 (6.8 %) 1,140.04 (14.5 %) 74.96 (65.5 %)
Q3 2017 5,595.78 (9.1 %) 1,053.79 (10.9 %) 25.93 (77.2 %)
Q4 2017 5,794.53 (12.4 %) 1,160.16 34.2 % 154.73 167.6 %
Q1 2018 5,107.98 (11.7 %) 908.50 (12.7 %) (54.78) (403.3 %)
Q2 2018 6,147.58 (7.6 %) 1,066.86 (6.4 %) 0.33 (99.6 %)
Q3 2018 5,212.03 (6.9 %) 932.00 (11.6 %) (36.92) (242.4 %)
Q4 2018 5,346.97 (7.7 %) 990.60 (14.6 %) (6.51) (104.2 %)
Q1 2019 5,387.89 5.5 % 1,065.47 17.3 % 91.74 267.5 %
Q2 2019 5,812.70 (5.4 %) 1,163.16 9.0 % 154.71 46925.2 %
Q3 2019 5,148.13 (1.2 %) 1,084.18 16.3 % 211.60 673.2 %
Q4 2019 5,231.73 (2.2 %) 1,191.50 20.3 % 211.54 3351.0 %
Q1 2020 5,922.88 9.9 % 1,223.00 14.8 % 273.38 198.0 %
Q2 2020 6,007.08 3.3 % 1,278.68 9.9 % 363.61 135.0 %
Q3 2020 4,587.28 (10.9 %) 1,064.43 (1.8 %) 214.56 1.4 %
Q4 2020 5,184.71 (0.9 %) 1,074.27 (9.8 %) 105.12 (50.3 %)
Q1 2021 5,953.57 0.5 % 1,211.63 (0.9 %) 244.24 (10.7 %)
Q2 2021 5,900.96 (1.8 %) 1,117.62 (12.6 %) 242.53 (33.3 %)
Q3 2021 6,048.46 31.9 % 1,023.66 (3.8 %) 152.76 (28.8 %)
Q4 2021 6,755.27 30.3 % 1,127.80 5.0 % 241.57 129.8 %
Q1 2022 7,489.35 25.8 % 1,285.41 6.1 % 324.26 32.8 %
Q2 2022 6,888.31 16.7 % 1,247.66 11.6 % 298.85 23.2 %
Q3 2022 7,072.41 16.9 % 1,148.92 12.2 % 242.92 59.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 295.20 21.8 % 1.29 - 295.20 1.29
Q2 2013 387.76 13.6 % 1.69 - 387.76 1.69
Q3 2013 457.36 12.9 % 1.99 - 457.36 1.99
Q4 2013 564.16 36.5 % 2.46 200.93 363.23 1.58
Q1 2014 423.26 43.4 % 1.76 5.02 418.24 1.74
Q2 2014 513.27 32.4 % 2.13 35.95 477.33 1.98
Q3 2014 701.43 53.4 % 2.91 205.74 495.69 2.06
Q4 2014 434.36 (23.0 %) 1.80 (54.13) 488.48 2.03
Q1 2015 470.51 11.2 % 1.95 227.39 243.12 1.01
Q2 2015 434.37 (15.4 %) 1.80 (0.67) 435.03 1.80
Q3 2015 371.56 (47.0 %) 1.54 5.72 365.84 1.52
Q4 2015 515.32 18.6 % 2.14 199.19 316.13 1.31
Q1 2016 119.38 (74.6 %) 0.50 (107.31) 226.69 0.94
Q2 2016 253.52 (41.6 %) 1.05 (42.26) 295.78 1.23
Q3 2016 179.51 (51.7 %) 0.74 (3.13) 182.64 0.76
Q4 2016 (915.70) (277.7 %) (3.80) (597.46) (318.23) (1.32)
Q1 2017 4.78 (96.0 %) 0.02 15.61 (10.83) (0.04)
Q2 2017 229.31 (9.5 %) 0.95 68.14 161.17 0.67
Q3 2017 829.04 361.8 % 3.44 693.94 135.10 0.56
Q4 2017 (37.51) 95.9 % (0.16) (222.02) 184.51 0.77
Q1 2018 (84.32) (1864.7 %) (0.35) 3.27 (87.58) (0.36)
Q2 2018 140.65 (38.7 %) 0.58 - 140.65 0.58
Q3 2018 (50.73) (106.1 %) (0.21) - (50.73) (0.21)
Q4 2018 (525.99) (1,302.2 %) (2.18) (300.29) (225.70) (0.94)
Q1 2019 6.33 107.5 % 0.03 42.71 (36.38) (0.15)
Q2 2019 110.23 (21.6 %) 0.46 7.56 102.67 0.43
Q3 2019 221.76 537.2 % 0.92 21.17 200.59 0.83
Q4 2019 137.31 126.1 % 0.57 66.84 70.48 0.29
Q1 2020 172.76 2629.1 % 0.72 - 172.76 0.72
Q2 2020 409.58 271.6 % 1.70 - 409.58 1.70
Q3 2020 283.74 28.0 % 1.18 21.00 262.74 1.09
Q4 2020 44.73 (67.4 %) 0.19 - 44.73 0.19
Q1 2021 153.83 (11.0 %) 0.64 - 153.83 0.64
Q2 2021 200.02 (51.2 %) 0.83 - 200.02 0.83
Q3 2021 122.40 (56.9 %) 0.51 - 122.40 0.51
Q4 2021 (254.36) (668.7 %) (1.06) (421.87) 167.50 0.69
Q1 2022 270.89 76.1 % 1.12 - 270.89 1.12
Q2 2022 213.75 6.9 % 0.89 - 213.75 0.89
Q3 2022 163.64 33.7 % 0.68 - 163.64 0.68

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 % 7.64 % 2.89 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 229.55 6.34 6.14 35.32
Q2 2013 229.55 6.54 6.34 35.91
Q3 2013 229.55 6.77 6.57 36.87
Q4 2013 229.55 7.43 6.55 40.04
Q1 2014 241.05 7.60 6.75 41.12
Q2 2014 241.05 8.12 7.12 41.02
Q3 2014 241.05 9.14 7.28 42.88
Q4 2014 241.05 8.60 7.80 41.34
Q1 2015 241.05 8.79 7.07 41.91
Q2 2015 241.05 8.47 6.90 43.46
Q3 2015 241.05 7.10 6.36 42.62
Q4 2015 241.05 7.43 5.64 43.77
Q1 2016 241.05 5.98 5.57 40.83
Q2 2016 241.05 5.23 5.00 41.13
Q3 2016 241.05 4.43 4.24 40.99
Q4 2016 241.05 (1.51) 1.60 34.09
Q1 2017 241.05 (1.98) 0.62 34.08
Q2 2017 241.05 (2.08) 0.06 34.91
Q3 2017 241.05 0.61 (0.14) 38.14
Q4 2017 241.05 4.25 1.95 36.63
Q1 2018 241.05 3.89 1.63 35.63
Q2 2018 241.05 3.52 1.55 34.08
Q3 2018 241.05 (0.13) 0.78 31.67
Q4 2018 241.05 (2.16) (0.93) 29.57
Q1 2019 241.05 (1.78) (0.71) 29.63
Q2 2019 241.05 (1.91) (0.87) 30.03
Q3 2019 241.05 (0.78) 0.17 30.92
Q4 2019 241.05 1.97 1.40 31.49
Q1 2020 241.05 2.66 2.27 31.57
Q2 2020 241.05 3.91 3.54 32.04
Q3 2020 241.05 4.16 3.80 33.87
Q4 2020 241.05 3.78 3.69 34.15
Q1 2021 241.05 3.70 3.61 35.29
Q2 2021 241.05 2.83 2.74 35.00
Q3 2021 241.05 2.16 2.16 34.96
Q4 2021 241.05 0.92 2.67 33.51
Q1 2022 241.05 1.41 3.16 33.93
Q2 2022 241.05 1.46 3.21 34.25
Q3 2022 241.05 1.63 3.38 34.85

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 5.38 5.55 0.98
Q2 2013 6.03 6.22 1.12
Q3 2013 6.49 6.69 1.21
Q4 2013 6.94 7.87 1.23
Q1 2014 6.92 7.79 1.28
Q2 2014 6.65 7.58 1.32
Q3 2014 7.12 8.93 1.52
Q4 2014 7.16 7.89 1.49
Q1 2015 6.08 7.56 1.28
Q2 2015 6.32 7.76 1.23
Q3 2015 6.39 7.13 1.06
Q4 2015 5.29 6.96 0.90
Q1 2016 5.46 5.86 0.80
Q2 2016 5.46 5.71 0.69
Q3 2016 5.63 5.88 0.61
Q4 2016 NEG 19.55 0.92
Q1 2017 NEG 52.04 0.95
Q2 2017 NEG More than 100 1.13
Q3 2017 58.36 NEG 0.94
Q4 2017 7.26 15.84 0.84
Q1 2018 8.90 21.20 0.97
Q2 2018 8.28 18.84 0.85
Q3 2018 NEG 30.42 0.74
Q4 2018 NEG NEG 0.71
Q1 2019 NEG NEG 0.83
Q2 2019 NEG NEG 0.85
Q3 2019 NEG More than 100 0.78
Q4 2019 13.61 19.19 0.85
Q1 2020 10.48 12.31 0.88
Q2 2020 8.43 9.30 1.03
Q3 2020 9.02 9.88 1.11
Q4 2020 8.80 9.00 0.97
Q1 2021 8.31 8.51 0.87
Q2 2021 11.92 12.30 0.96
Q3 2021 13.57 13.57 0.84
Q4 2021 27.14 9.36 0.75
Q1 2022 20.27 9.03 0.84
Q2 2022 17.96 8.18 0.77
Q3 2022 13.57 6.55 0.64

Business Segments (Million)

Compared With The
Period Food sector Retail sector Food services Frozen food Investments Plastic Manufacturing & Whole sale sector Disposals
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)
Q2 2018 2,692.86 3,230.09 293.13 - 11.40 - - (79.90)
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)

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 213.90 163.64 (23.5 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Hermes 178.00 163.64 (8.1) %
SNB Capital 192.00 163.64 (14.8) %
Goldman Sachs 213.59 163.64 (23.4) %
Al Rajhi Capital 272.00 163.64 (39.8) %


Financial Ratios
Current
Market Cap (M Riyal) 10,080.00
Enterprise Value (EV) (M) 11,312.10
Shares Outstanding ((M)) 300.00
EPS ( Riyal) (TTM) 2.97
Book Value (BV) ( Riyal) 49.09
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 12.92
P/E (TTM) 11.30
Price/book 0.68
Return on Average Assets (%) (TTM) 2.8
Return on Average Equity (%) (TTM) 7.7
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Share Price

Savola Group
33.60
3.05 9.98 %

Savola Group (SAVOLA GROUP)

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