DUBAI: Savola reported a year-over-year decline in net profit as sales and margins in the retail sector fell, it received a smaller share of profit from associates and operating expenses increased.
First-quarter net profit slipped 11 percent to SR153.8 million ($41 million) from a year earlier, the Jeddah-based food group said in a filing to the stock exchange. However, profits surged from SR44.7 million in the fourth quarter of 2020 when it wrote down the value of some of its assets amid the coronavirus pandemic.
Profit per share was SR290,000, down from SR320,000, while total shareholder equity after deducting minority equity was SR8.51 billion, an increase of 11.79 percent from a year earlier.
Savola said on Thursday it approved a cash dividend of SR400.5 million, or SR0.75 per share, to be distributed on May 24. The company also approved the buyback of 1.2 million shares to cover the second and third tranches of the Employees Long Term Incentive Plan.
The company behind some of the Kingdom’s best known supermarket brands saw a 92 percent jump in profits last year driven by rising demand for frozen foods.
Savola net profit declines as sales, margins decrease
https://arab.news/6fvqz
Savola net profit declines as sales, margins decrease
- Savola approved a cash dividend of SR400.5 million
- Follows a bumper year of frozen food sales in 2020
PIF Private Sector Forum sees multiple deals across key sectors
RIYADH: The first day of the PIF Private Sector Forum marked the signing of several agreements spanning travel, entertainment, advanced manufacturing, innovation, urban development, and industrial sectors.
In the tourism, travel, and entertainment sector, a memorandum of understanding was signed between the Public Investment Fund’s Dan Co. and Fresh on Table to expand the latter’s platform in Saudi Arabia, enhance cooperation, and establish consolidation centers in Dan Co.’s facilities across targeted cities.
Dan Co. also signed an MoU with DRB Arabia to collaborate on the development of the Tuaja Resort Community Center in Al-Ahsa, establishing a framework for cooperation between the two parties.
King Abdullah Economic City and Almosafer Travel and Tourism Co. agreed to a joint venture to support tourism promotion and destination marketing.
Cruise Saudi and FlyAkeed signed an MoU to strengthen initiatives in travel optimization and digital innovation, while FlyAkeed also partnered with Al-Ula Club to explore opportunities in automation and digital transformation. Additionally, the PIF and FlyAkeed signed an MoU to advance digital travel solutions and enhance service delivery leveraging FlyAkeed’s capabilities.
In urban development and livability, the PIF signed an MoU with ABB Academy to develop the Saudi workforce through targeted training programs. Another agreement with Saudi Tabreed will explore expanding high-quality district cooling solutions for large-scale developments, aligning with national sustainability goals. Fraunhofer IAO will collaborate with the PIF on waste management and innovative construction methods to support smart city development.
The industrial and logistics sector also saw multiple agreements. Nupco signed an MoU with Saudi Awwal Bank to strengthen healthcare supply chains, while Saudi Arabia Railways partnered with Siemens Mobility to localize manufacturing, develop the Kingdom’s rail infrastructure, and advance industrial capabilities. The Royal Commission of AlUla signed a deal with TASAMA to support its operational and strategic objectives.
In advanced manufacturing and innovation, Tasaru Mobility Investments signed multiple agreements with Masarat Mobility Park, Shin Young, JVIS, Benteler, Lear Corp., and Fangxin. Electric vehicle maker Lucid also inked deals with Benteler, JVIS, Shin Young, and Lear Corp.
Saudi Arabia’s first homegrown EV brand, Ceer, signed agreements with Mino, Natpet Schulman Specialty Plastic Compounds, Xinyi Glass, MK Tron, Sika, Saudi Controls, AVL, FEV, Zamil Trade and Services, Zamil Plastics, and Arabian Plastic Industrial Co. CEO James DeLuca highlighted that Ceer is set to sign 16 agreements valued at SR3.7 billion ($990 million) at the forum, noting that 90% of these are commercial contracts rather than MoUs.
