The annual financial statements of the Saudi Savola Group showed that the company's profits in the last year increased by 91.5% compared to the profits of 2019.
According to the company's data for the Saudi market (Tadawul), the company's profits last year amounted to 910.8 million riyals, compared to the profits in 2019 of 475.6 million riyals.
The company said that the increase in profits during the comparative years was due to 4 factors, including the increase in gross profit due to higher sales and profit margins, the higher the group's share in the profits of associates, and the lower expenses Operational, plus low net financing cost.
The company clarified that the increase in net profit for the period came despite the increase in the costs of zakat and income tax, and the decrease in the provision for zakat reversal and income tax related to the previous years' valuations of the subsidiaries which were It was registered last year.
The group achieved profits of 44.7 million riyals in the fourth quarter of last year, compared to 137.3 million riyals for the same period in 2019, a decrease of 67.4%.
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The company's board of directors recommended, in its meeting yesterday, to distribute cash dividends to shareholders at a rate of 7.5% of the nominal value of the share by 0.75 riyals per share, with a total value estimated at 400.49 million Real.
