Earnings Report /
Saudi Arabia

Savola: Lowest gross margins since 2016

  • Revenues stood at SAR6.05bn up 31.9% yoy, (+2.5% qoq) and was higher than our estimates of SAR5.25bn

  • Gross margins stood at 16.9% in Q3 21, down 6.3% yoy (-2.0% qoq), lower than our estimates of 20.0%

  • Net operating expenses stood at SAR722mn, higher than our estimates of SAR632mn

SNB Capital
28 October 2021
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