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Savola Group profit misses consensus by 67.3% in Q4

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According to Market Intelligence, December 2022

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Savola Group profit misses consensus by 67.3% in Q4

Savola Group Co. said its normalized net income for the fourth quarter amounted to 38 halalas per share, compared with the S&P Capital IQ consensus estimate of 1.17 riyals per share.

EPS declined 40.7% year over year from 64 halalas.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 204.1 million riyals, a decrease of 40.7% from 344.1 million riyals in the year-earlier period.

The normalized profit margin declined to 2.9% from 5.0% in the year-earlier period.

Total revenue declined on an annual basis to 6.58 billion riyals from 6.86 billion riyals, and total operating expenses came to 6.39 billion riyals, compared with 6.45 billion riyals in the prior-year period.

Reported net income grew 22.4% on an annual basis to 515.3 million riyals, or 97 halalas per share, from 421.1 million riyals, or 79 halalas per share.

For the year, the company's normalized net income totaled 1.67 riyals per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3.17 riyals.

EPS declined 27.4% from 2.30 riyals in the prior year.

Normalized net income was 892.1 million riyals, a decrease of 27.4% from 1.23 billion riyals in the prior year.

Full-year total revenue totaled 26.43 billion riyals, compared with 26.59 billion riyals in the prior year, and total operating expenses grew on an annual basis to 25.40 billion riyals from 25.11 billion riyals.

The company said reported net income declined 11.4% year over year to 1.79 billion riyals, or 3.36 riyals per share, in the full year, from 2.02 billion riyals, or 3.79 riyals per share.

As of Feb. 26, US$1 was equivalent to 3.75 Saudi Arabian riyals