Savola profit jumps 21% to SAR 899.2M in 2023; Q4 at SAR 227.1M

07/02/2024 Argaam Exclusive

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Savola Group reported a net profit rise of 21% to SAR 899.2 million in 2023 from SAR 742.8 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	28,054.70	26,818.32	(4.4 %)
Gross Income	4,874.08	5,443.34	11.7 %
Operating Income	942.13	1,500.71	59.3 %
Net Income	742.75	899.19	21.1 %
Average Shares	241.05	241.05	-
EPS (Riyals)	3.08	3.73	21.1 %

The annual growth was propelled by an increase in the gross profit of the food processing, retail and frozen foods segments, and Savola’s higher profit share from associates.

The edible oil producer reported a net impairment reversal of SAR 111.9 million in Q4 2023 for certain non-current assets mainly in the foods processing and retail segments.

It also recorded a refund of customs duties from the Zakat, Tax and Customs Authority (ZATCA), which implies a net impact of SAR 23.3 million.

On the other hand, revenue declined 4% year-on-year (YoY), mainly due to lower top line from the food processing segment and a drop in crude edible oil prices.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	6,604.64	6,559.64	(0.7 %)
Gross Income	1,192.09	1,383.86	16.1 %
Operating Income	76.11	385.66	406.7 %
Net Income	94.47	227.05	140.3 %
Average Shares	241.05	241.05	-
EPS (Riyals)	0.39	0.94	140.3 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	6,350.90	6,559.64	3.3 %
Gross Income	1,310.49	1,383.86	5.6 %
Operating Income	341.14	385.66	13.0 %
Net Income	147.36	227.05	54.1 %
Average Shares	241.05	241.05	-
EPS (Riyals)	0.61	0.94	54.1 %

Savola recorded a capital gain of SAR 18.7 million on disposal of investments/operations last year, which is lower than the capital gain of SAR 41.8 million in 2022. It also reported higher net finance cost, operating expenses as well as Zakat and income tax expenses

The fourth-quarter net earnings more than doubled year-on-year (YoY) to SAR 227.1 million from SAR 94.47 million in Q4 2022, thanks to higher gross profit of the foods processing, retail and frozen foods segments, lower operating expenses and higher profit share from associates.

Compared to Q3 2023, Savola’s net profit jumped 54.1% from SAR 147.36 million as revenue rose by 4% quarter-on-quarter (QoQ). The foods processing, retail and frozen foods segments reported an increase in gross profit. Additionally, Savola reported a higher profit share from associates and a decline in Zakat and income tax expenses.

Total shareholders’ equity, after minority interest, stood at SAR 8.44 billion as of Dec. 31, 2023, compared to SAR 8.25 billion in the prior-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %
2014	26,587.84	5.2 %	4,863.72	1.9 %	1,477.10	(14.6 %)
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 %)
2015	25,125.60	(5.5 %)	5,025.39	3.3 %	989.26	(33.0 %)
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 %)
2016	26,330.80	4.8 %	4,652.96	(7.4 %)	344.50	(65.2 %)
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 %
2017	23,830.48	(9.5 %)	4,394.12	(5.6 %)	272.89	(20.8 %)
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 %)
2018	21,814.56	(8.5 %)	3,897.96	(11.3 %)	(97.87)	(135.9 %)
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 %
2019	21,406.42	(1.9 %)	4,504.30	15.6 %	669.60	784.2 %
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 %)
2020	21,701.94	1.4 %	4,640.38	3.0 %	956.68	42.9 %
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 %
2021	24,669.16	13.7 %	4,478.71	(3.5 %)	881.10	(7.9 %)
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 %
Q4 2022	6,604.64	(2.2 %)	1,192.09	5.7 %	76.11	(68.5 %)
2022	28,054.70	13.7 %	4,874.08	8.8 %	942.13	6.9 %
Q1 2023	7,814.49	4.3 %	1,502.03	16.9 %	513.81	58.5 %
Q2 2023	6,093.29	(11.5 %)	1,246.96	(0.1 %)	260.09	(13.0 %)
Q3 2023	6,350.90	(10.2 %)	1,310.49	14.1 %	341.14	40.4 %
Q4 2023	6,559.64	(0.7 %)	1,383.86	16.1 %	385.66	406.7 %
2023	26,818.32	(4.4 %)	5,443.34	11.7 %	1,500.71	59.3 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	26,587.84	5.2 %	4,863.72	1.9 %	1,477.10	(14.6 %)
2015	25,125.60	(5.5 %)	5,025.39	3.3 %	989.26	(33.0 %)
2016	26,330.80	4.8 %	4,652.96	(7.4 %)	344.50	(65.2 %)
2017	23,830.48	(9.5 %)	4,394.12	(5.6 %)	272.89	(20.8 %)
2018	21,814.56	(8.5 %)	3,897.96	(11.3 %)	(97.87)	(135.9 %)
2019	21,406.42	(1.9 %)	4,504.30	15.6 %	669.60	784.2 %
2020	21,701.94	1.4 %	4,640.38	3.0 %	956.68	42.9 %
2021	24,669.16	13.7 %	4,478.71	(3.5 %)	881.10	(7.9 %)
2022	28,054.70	13.7 %	4,874.08	8.8 %	942.13	6.9 %
2023	26,818.32	(4.4 %)	5,443.34	11.7 %	1,500.71	59.3 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
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
2014	2,072.32	21.6 %	8.60	192.59	1,879.73	7.80
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
2015	1,791.75	(13.5 %)	7.43	431.63	1,360.11	5.64
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)
2016	(363.29)	(120.3 %)	(1.51)	(750.15)	386.87	1.60
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
2017	1,025.62	382.3 %	4.25	555.67	469.95	1.95
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)
2018	(520.38)	(150.7 %)	(2.16)	(297.02)	(223.36)	(0.93)
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
2019	475.63	191.4 %	1.97	138.28	337.36	1.40
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
2020	910.80	91.5 %	3.78	21.00	889.80	3.69
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
2021	221.88	(75.6 %)	0.92	(421.87)	643.75	2.67
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
Q4 2022	94.47	137.1 %	0.39	107.03	(12.56)	(0.05)
2022	742.75	234.8 %	3.08	107.03	635.73	2.64
Q1 2023	392.75	45.0 %	1.63	41.78	350.97	1.46
Q2 2023	132.03	(38.2 %)	0.55	-	132.03	0.55
Q3 2023	147.36	(9.9 %)	0.61	-	147.36	0.61
Q4 2023	227.05	140.3 %	0.94	112.13	114.92	0.48
2023	899.19	21.1 %	3.73	153.91	745.28	3.09

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	2,072.32	21.6 %	8.60	192.59	1,879.73	7.80
2015	1,791.75	(13.5 %)	7.43	431.63	1,360.11	5.64
2016	(363.29)	(120.3 %)	(1.51)	(750.15)	386.87	1.60
2017	1,025.62	382.3 %	4.25	555.67	469.95	1.95
2018	(520.38)	(150.7 %)	(2.16)	(297.02)	(223.36)	(0.93)
2019	475.63	191.4 %	1.97	138.28	337.36	1.40
2020	910.80	91.5 %	3.78	21.00	889.80	3.69
2021	221.88	(75.6 %)	0.92	(421.87)	643.75	2.67
2022	742.75	234.8 %	3.08	107.03	635.73	2.64
2023	899.19	21.1 %	3.73	153.91	745.28	3.09

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 %
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 %
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 %
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 %
2017	18.44 %	4.52 %	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 %)
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 %
2019	21.04 %	8.74 %	1.58 %
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 %
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 %
2021	18.16 %	7.89 %	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 %
Q4 2022	17.37 %	7.15 %	2.27 %
2022	17.37 %	7.15 %	2.27 %
Q1 2023	17.94 %	7.79 %	2.52 %
Q2 2023	18.45 %	7.92 %	2.30 %
Q3 2023	19.55 %	8.57 %	2.30 %
Q4 2023	20.30 %	9.78 %	2.78 %
2023	20.30 %	9.78 %	2.78 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	18.29 %	7.92 %	7.07 %
2015	20.00 %	6.42 %	5.41 %
2016	17.67 %	4.04 %	1.47 %
2017	18.44 %	4.52 %	1.97 %
2018	17.87 %	3.05 %	(1.02 %)
2019	21.04 %	8.74 %	1.58 %
2020	21.38 %	9.58 %	4.10 %
2021	18.16 %	7.89 %	2.61 %
2022	17.37 %	7.15 %	2.27 %
2023	20.30 %	9.78 %	2.78 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2014	17.51 %	7.23 %	6.70 %
Q2 2014	17.06 %	7.52 %	6.51 %
Q3 2014	18.71 %	8.64 %	8.06 %
Q4 2014	19.95 %	8.31 %	7.12 %
Q1 2015	18.62 %	6.03 %	3.91 %
Q2 2015	19.23 %	6.93 %	6.18 %
Q3 2015	22.11 %	7.65 %	6.53 %
Q4 2015	20.35 %	5.14 %	5.05 %
Q1 2016	19.83 %	6.48 %	3.53 %
Q2 2016	18.66 %	6.18 %	4.14 %
Q3 2016	19.21 %	4.03 %	2.97 %
Q4 2016	13.07 %	(0.63 %)	(4.81 %)
Q1 2017	17.97 %	3.65 %	(0.19 %)
Q2 2017	17.14 %	3.34 %	2.42 %
Q3 2017	18.83 %	4.61 %	2.41 %
Q4 2017	20.02 %	6.69 %	3.18 %
Q1 2018	17.79 %	2.57 %	(1.71 %)
Q2 2018	17.35 %	3.30 %	2.29 %
Q3 2018	17.88 %	2.76 %	(0.97 %)
Q4 2018	18.53 %	3.49 %	(4.22 %)
Q1 2019	19.78 %	7.25 %	(0.68 %)
Q2 2019	20.01 %	7.82 %	1.77 %
Q3 2019	21.06 %	9.87 %	3.90 %
Q4 2019	22.77 %	21.34 %	1.35 %
Q1 2020	20.65 %	9.42 %	2.92 %
Q2 2020	21.29 %	10.85 %	6.82 %
Q3 2020	23.20 %	10.91 %	5.73 %
Q4 2020	20.72 %	7.11 %	0.86 %
Q1 2021	20.35 %	8.61 %	2.58 %
Q2 2021	18.94 %	8.57 %	3.39 %
Q3 2021	16.92 %	6.86 %	2.02 %
Q4 2021	16.70 %	7.60 %	2.48 %
Q1 2022	17.16 %	7.69 %	3.62 %
Q2 2022	18.11 %	8.04 %	3.10 %
Q3 2022	16.25 %	7.22 %	2.31 %
Q4 2022	18.05 %	5.52 %	(0.19 %)
Q1 2023	19.22 %	10.01 %	4.49 %
Q2 2023	20.46 %	8.65 %	2.17 %
Q3 2023	20.63 %	9.89 %	2.32 %
Q4 2023	21.10 %	10.46 %	1.75 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2022	241.05	3.08	2.64	34.24
Q1 2023	241.05	3.59	2.97	35.22
Q2 2023	241.05	3.25	2.63	34.01
Q3 2023	241.05	3.18	2.56	34.47
Q4 2023	241.05	3.73	3.09	35.06

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2014	241.05	8.60	7.80	41.34
2015	241.05	7.43	5.64	43.77
2016	241.05	(1.51)	1.60	34.09
2017	241.05	4.25	1.95	36.63
2018	241.05	(2.16)	(0.93)	29.57
2019	241.05	1.97	1.40	31.49
2020	241.05	3.78	3.69	34.15
2021	241.05	0.92	2.67	33.51
2022	241.05	3.08	2.64	34.24
2023	241.05	3.73	3.09	35.06

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2022	6.97	8.14	0.63
Q1 2023	6.09	7.36	0.62
Q2 2023	10.03	12.38	0.96
Q3 2023	8.86	11.00	0.82
Q4 2023	7.85	9.47	0.84

Period	P/E	Adjusted P/E	Price/book
2014	7.16	7.89	1.49
2015	5.29	6.96	0.90
2016	NEG	19.55	0.92
2017	7.26	15.84	0.84
2018	NEG	NEG	0.71
2019	13.61	19.19	0.85
2020	8.80	9.00	0.97
2021	27.14	9.36	0.75
2022	6.97	8.14	0.63
2023	7.85	9.47	0.84

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)
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)
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)
Q2 2023	3,397.45	2,297.86	288.22	164.48	6.62	-	-	(61.35)
Q3 2023	3,516.30	2,479.27	313.04	161.19	7.05	-	-	(125.95)
Q4 2023	3,753.61	2,436.38	297.31	176.97	6.86	-	-	(111.50)

Period	Food sector	Retail sector	Food services	Frozen food	Investments	Plastic	Manufacturing & Whole sale sector	Disposals
2014	14,591.95	12,204.38	-	-	127.17	-	-	(335.66)
2015	11,812.20	13,532.73	-	-	144.86	-	-	(364.20)
2016	11,886.72	13,572.38	1,156.68	-	137.61	-	-	(422.59)
2017	11,384.22	11,643.02	1,157.79	-	45.34	-	-	(399.90)
2018	9,735.47	11,117.60	1,227.27	94.11	47.04	-	-	(406.92)
2019	9,209.21	10,659.77	1,288.31	620.06	43.60	-	-	(414.52)
2020	8,643.56	11,613.30	1,076.08	736.80	36.08	-	-	(403.87)
2021	12,630.12	10,476.12	1,313.86	642.94	27.55	-	-	(421.43)
2022	16,440.80	10,114.01	1,243.84	670.01	27.34	-	-	(441.29)
2023	15,065.33	10,331.38	1,173.70	714.07	29.56	-	-	(495.72)

Analysts Estimates (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change‬
Average	109.50	227.05	107.35 %

Estimates vs Actual (Million)

Item	Q4 2023 (e)	Q4 2023 (a)	Change
SNB Capital	112.00	227.05	102.7 %
Al Rajhi Capital	107.00	227.05	112.2 %

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

Savola Group (SAVOLA GROUP)

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Savola profit jumps 21% to SAR 899.2M in 2023; Q4 at SAR 227.1M

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Savola profit jumps 21% to SAR 899.2M in 2023; Q4 at SAR 227.1M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2023

Revenue by Business Segment (Latest) 2023 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Savola Group (SAVOLA GROUP)

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