Earnings Report /
Saudi Arabia

Savola: Q2 21 review – Weak results on lower margins

  • Savola reported a net income of SAR200mn, declining by 51.2% yoy (+30% qoq) and is lower than our estimates of SAR237mn

  • Revenues stood at SAR5.9bn (-1.8% yoy, -0.9% qoq), in-line with our estimates

  • Gross margins contracted by 2.3% yoy to 18.9% in Q2 21 and were the lowest margins since Q4 18

SNB Capital
4 August 2021
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