Savola Group’s Net Profit Soars 1009% to SAR 9.9 Billion in 2024

Savola Group reported a massive surge in net profit to SAR 9.9 billion in 2024, marking a 1009% increase from SAR 899 million in 2023. The announcement came following the release of the company’s annual financial results for the year ended December 31, 2024.

 Operational profit declined 29% to SAR 1.4 billion, compared to SAR 2.06 billion in 2023.

 Total shareholders’ equity (excluding minority interests) stood at SAR 4.6 billion, down 95% from SAR 83.9 billion in 2023.

 Earnings per share (EPS) jumped to SAR 10.61 in 2024, compared to SAR 0.99 in 2023.

 Revenue remained stable at SAR 24.0 billion, compared to SAR 24.1 billion in 2023.

The company attributed its strong performance to growth in the Retail and Frozen Food segments, where revenues increased by 3% and 6%, respectively. However, this was offset by a 4% decline in the Food Processing segment, impacted by:

 Lower crude edible oil prices

 Foreign exchange devaluation in overseas markets

 The divestment of Savola Morocco Company

Additionally, in line with International Financial Reporting Standards (IFRS), the reported figures exclude the results of divested businesses in Iran and discontinued operations in Sudan.