Revenue by segment before inter segment eliminations:
For the current period as compared to same period previous year, revenues decreased in the Retail and Frozen Foods segments by 15.2% and 17.2% respectively. While revenues increased in the Food processing and Food Services segments by 18.0% and 35.3% respectively, compared to same period previous year.
The decrease in the revenues of the retail and frozen food sectors in the current period compared to the same period last year was mainly due to the impact of consumer buying behaviour that occurred during the lockdown and curfew in the comparative period, as well as the buying behaviour prior to the increase in value-added taxes. In addition, during the current period, a negative impact of a weaker consumer base and lower buying power resulted in the decline.
Further, the increase in the volumes sold and product prices had a positive impact on the revenues of the food processing sector and the absence of exceptional circumstances related to the pandemic had a positive impact on the food services sector during the current period compared to the same period last year.
Net profit by segment:
The Retail segment recorded a net loss of SAR 78.76 million during the current period compared to a net profit of SAR 158.17 million same period previous year.
The Food services segment recorded a net profit of SAR 51.42 million during the current period compared to a net loss of SAR 11.71 million same period previous year.
The net profit from frozen foods and investments segments decreased by 37.4% and 8.6% respectively. Whereas the net profit from Food processing segment increased by 3.6%.
The Condensed Consolidated Financial statements for the period ended 30 June 2021, will be available through the following link on Savola's website, and Savola's Investment Relation App after sending it to the relevant authorities:
The quarterly investor presentation will be available on Savola's website within the Investors section at the following link: