Announcing its interim financial statement for Q3 and the 9-months period ended 30 Sep. 2022
SAVOLA Achieves Net Profit of SAR 648 Million for the 9 months ended 30 Sep. 2022, an Increase of 36%
Jeddah, KSA- gulftech :
Savola Group – a leading strategic investment holding group in the food and retail sectors across the MENA region (Middle East & North Africa) – announced its interim financial results for the 3rd quarter and the 9-months period ended 30-09-2022, which revealed that the net profit for the 3rd quarter has increased to SAR 164 million in comparison to SAR 122 million for the same quarter of last year, which represents an increase of 34%. This brings the net profit for the 9-months period ended 30-09-2022 to SAR 648 million in comparison to SAR 476 million for the same period ended 30-09-2021, which represents an increase of 36%.
The results have demonstrated revenues of SAR 21.4 billion for the 9-months period ended 30-09-2022 compared to SAR 17.9 billion for the same period ended 30-09-2021 (an increase of 19.7%).
The growth in the Group’s profit for this period compared to the similar period of last year is mainly attributed to the increase in gross profit primarily due to improved margins in the Food Processing segment, and higher share of profits from associates. The increase in net profit was achieved despite of higher operating expenses and net finance cost; and higher zakat and income-tax expense.
