Riyadh – Mubasher: Savola Group witnessed a leap of 1,009.24% in net profit during 2024, registering SAR 9.97 billion compared to SAR 899.20 million in 2023.
The annual growth in net profit last year was partially attributed to the distribution of Savola Group Company’s entire 34.52% stake in Almarai Company to eligible shareholders, which resulted in a net gain of SAR 11.30 billion.
The earnings per share (EPS) soared to SAR 10.61 as of 31 December 2024 from SAR 0.99 in the same period a year earlier, according to the financial results.
The Saudi group generated revenue worth SAR 23.98 billion in the January-December 2024 period, signalling a slight decline of 0.67% from SAR 24.14 billion in 2023.
Meanwhile, Savola Group elaborated that the successful distribution of the equity in Almarai to shareholders coupled with a SAR 6 billion rights issue that jointly optimised balance sheet and created financial agility for future investments.
Cash Dividends for 2024
In their board meeting on 11 March 2025, the board members of Savola Group resolved to not distribute cash dividends for 2024.
The decision was built on the distribution of SAR 21.10 billion worth of Almarai shares which represented Savola Group’s entire 34.52% shareholding in Almarai, to Savola’s eligible shareholders in lieu of capital reduction of SAR 8.30 billion and distribution of dividend in kind of SAR 12.80 billion which was deposited into the shareholders' accounts in December 2024.
It is worth noting that during the first nine months (9M) of 2024, Savola Group posted an annual decrease in net profit to SAR 665.12 million while the revenue reached SAR 19.21 billion.
