THE SAVOLA GROUP ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDED ON 30-09-2020 (NINE MONTHS)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 4,587.3 | 5,148.1 | -10.893 | 6,007.1 | -23.635 |
| Gross Profit (Loss) | 1,064.4 | 1,084.2 | -1.826 | 1,278.7 | -16.759 |
| Operational Profit (Loss) | 439.3 | 427.1 | 2.856 | 584.6 | -24.854 |
| Net Profit (Loss) after Zakat and Tax | 283.7 | 221.8 | 27.908 | 409.6 | -30.737 |
| Total Comprehensive Income | 456.8 | 216.1 | 111.383 | 274.6 | 66.351 |
| All figures are in (Millions) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 16,517.2 | 16,174.7 | 2.117 |
| Gross Profit (Loss) | 3,566.1 | 3,312.8 | 7.646 |
| Operational Profit (Loss) | 1,432.3 | 996.6 | 43.718 |
| Net Profit (Loss) after Zakat and Tax | 866.1 | 338.3 | 156.015 |
| Total Comprehensive Income | 750.8 | 326.4 | 130.024 |
| Total Share Holders Equity (after Deducting Minority Equity) | 8,164.7 | 7,453.9 | 9.535 |
| Profit (Loss) per Share | 1.62 | 0.63 | |
| All figures are in (Millions) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to | The net profit for the current quarter has increased to SAR 283.7 million in comparison to SAR 221.8 million for the similar quarter of last year. This increase is mainly attributed to the following:
- Higher share of profit from an associate; - Lower net finance cost mainly due to the decrease in the financial charges on borrowings; - Lower operating expenses; and - Lower zakat and tax expense.
The increase in the net profit is recorded despite of lower sales. |
| Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to | The net profit achieved for the current quarter amounted to SAR 283.7 million compared to SAR 409.6 million for the previous quarter. The decrease in the net profit recorded is attributed to lower gross profit due to lower sales.
This decrease recorded despite of the following:
- Higher share of profit from an associate; - Lower finance cost mainly due to decrease in the financial charges on borrowings; - Lower operating expenses; and - Lower zakat and tax expense.
A zakat provision reversal relating to prior years for one of the subsidiaries is also recorded in the current quarter. |
| Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to | Net profit for the period ended 30 September 2020 has increased to SAR 866.1 million as compared to the net profit of SAR 338.3 million for the similar period last year.
The increase is mainly attributed to the following:
-Higher gross profit due to higher sales and margins; -Higher share of profit from associates; -Lower operating cost; -Lower net finance cost mainly due to the decrease in the financial charges on borrowings;
The increase in the net profit recorded is despite of the higher zakat and income tax expense and lower zakat provision reversal relating to prior years. |
| Basis of the External Auditor's Opinion | Unmodified opinion |
| Reclassification of Comparison Items | Items, elements and notes of the comparatives Condensed Consolidated Interim Financial Statements have been redisplayed, regrouped and reclassified to meet with the applied accounting policies for the current period, which have been prepared according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. For more information, please refer to note 18 (Amendments to standards and standards issued and not yet effective) in the Condensed Consolidated Interim Financial Statements for the period ended September 30, 2020 and September 30, 2019. |
| Additional Information | We would like to inform the investors and shareholders that the condensed consolidated interim financial statements of the Group for the period ended September 30, 2020 will be uploaded on Savola website after submitting it to the concerned authorities, and can be accessed through the following link:
http://www.savola.com/SavolaE/Financial_Reports.php |
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