Savola Group announces its Annual Financial Results for the year Ended on 2020-12-31
|Element List||Current Year||Previous Year||%Change|
|Gross Profit (Loss)||4,640.4||4,504.3||3.021|
|Operational Profit (Loss)||1,660.8||1,309||26.875|
|Net Profit (Loss) after Zakat and Tax||910.8||475.6||91.505|
|Total Comprehensive Income||817.2||462.8||76.577|
|Total Share Holders Equity (after Deducting Minority Equity)||8,232.1||7,590.2||8.456|
|Profit (Loss) per Share||1.71||0.89|
|All figures are in (Millions) Saudi Arabia, Riyals|
|The reason of the increase (decrease) in the net profit during the current year compared to the last year is|| The increase in the net profit for the year ended 31st December 2020 compared to the net profit for the previous year is attributed mainly to the following:
-Higher gross profits due to higher sales and margins;
-Higher share of profits from associates;
-Lower operating expenses; and
- Lower net finance cost
The net profit for the year was achieved despite of the following:
- Higher zakat and tax expense; and
- Decrease in the zakat and tax provision reversal relating to prior years’ assessments which was recorded in the prior year.
|Statement of the type of external auditor's report||Unmodified opinion|
|Reclassification of Comparison Items||Items, elements and notes of the comparatives in the Consolidated Financial Statements have been redisplayed, regrouped and reclassified to meet with the applied accounting policies for the year, 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 39 (Amendments to standards and standards issued and not yet effective) in the Consolidated Financial Statements for the year ended December 31, 2020 and December 31, 2019.|
|Additional Information|| Revenue by segment before inter segment eliminations: For the year of 2020 as compared to last year, revenues increased in the Retail and Frozen Food segment by 8.9% and 18.8%, respectively. While revenues decreased in the Food Processing and Food Services segments by 6.1% and 16.6% respectively, compared to last year.
Net profit by segment: For the year 2020 as compared to last year, net profits from the Food Processing, Frozen Foods and Investments increased by 6.4%, 57.1% and 15.6%, respectively. The Retail segment recorded a net profit of SAR 71.27 million in 2020 compared to a net loss of SAR 342.41 million last year.
The Consolidated Financial statements for the year ended 31st December 2020 will be available through the following link on Savola’s website, and Savola’s IR App after sending it to the relevant authorities: http://www.savola.com/SavolaE/Financial_Reports.php