The profits of the Savola Group decline 56.9% in the third quarter, due to the pressure of 4 factors

The profits of the Savola Group decline 56.9% in the third quarter, due to the pressure of 4 factors
The profits of the Savola Group decline 56.9% in the third quarter, due to the pressure of 4 factors

Riyadh – Mubasher: Savola Group recorded a decrease in net profits during the third quarter of 2021 by 56.86 percent on an annual basis.

According to the company’s financial statements issued today, Wednesday on the Saudi Tadawul website, the net profit amounted to 122.4 million riyals after zakat and tax, compared to 283.7 million riyals in the third quarter of 2020.

The company attributed the decline in profits to several reasons; These include the decline in gross profit, which is mainly due to the decrease in profit margins in the retail sector, the decrease in the group’s share in the profits of associates, the increase in operating expenses, the increase in zakat and tax expenses and a decrease in the reversal of the Zakat provision related to previous years recorded in the same period last year.

The company’s revenues rose 31.85% in the third quarter of 2021 to 6.05 billion riyals, compared to 4.59 billion riyals in the same quarter of last year.

On a quarterly basis, Savola’s profits decreased by 38.8% from the profits of the second quarter of 2021, which amounted to 200 million riyals.

During the first 9 months of 2021, the profits of the Savola Group decreased by 45% to 476.2 million riyals after zakat and tax, compared to 866.1 million riyals in the same period of 2020.

The company’s revenues increased by 8.46% in the first 9 months of 2021 to 17.91 billion riyals, compared to 16.52 billion riyals in the same period last year.

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Source

profits Savola Group decline quarter due pressure factors

 
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