Riyadh – Mubasher: Savola Group logged net profits valued at SAR 899.19 million in 2023, higher by 21.06% than SAR 742.75 million in 2022.
Revenues dropped by 4.32% to SAR 26.84 billion last year from SAR 28.05 billion as of 31 December 2022, according to the interim financial results.
The earnings per share (EPS) hit SAR 1.69 in 2023, marking an annual growth from SAR 1.39.
Income Statements for Q4-23
In the fourth quarter (Q4) of 2023, the listed company recorded a 140.34% year-on-year (YoY) leap in net profit to SAR 227.05 million, compared to SAR 94.47 million.
The revenues stood at SAR 6.58 billion during October-December 2023, down 0.32% from SAR 6.60 billion in the year-ago period.
Quarter-on-quarter (QoQ), the Q4-23 net profits climbed by 54.07% from the SAR 147.36 million registered in Q3-23, while the revenues grew by 3.65% from SAR 6.35 billion.
No Dividends
The group’s board members decided, on 6 February, not to distribute cash dividends for 2023.
Instead, Savola will distribute its entire 34.52% shareholding in Almarai Company to its shareholders after obtaining the necessary approvals from regulatory authorities.
Capital Hike
The board proposed a SAR 6 billion capital hike through rights issue to boost Savola’s financial position and continue to invest in the growth of its portfolio.
Meanwhile, the recommendation is still subject to the approvals of the relevant regulatory authorities and Savola’s shareholders at the extraordinary general meeting (EGM).
