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Savola’s adjusted net profit for Q4 2016 came in at SAR 74 million, lower than Al Rajhi Capital’s adjusted net profit estimate of SAR 234 million, after adding back one-off costs, currency losses, extraordinary inventory impact and other exceptional items, the brokerage said in an earnings review.
“The one-offs/ write-downs were mainly related to impairment of assets and goodwill related to Egypt operations, inventory reduction costs in Panda, and impairment of non-core investments,” Al Rajhi Capital said, adding that together, the net impact of these exceptional items stood at SAR 860 million.
Savola reported a net loss of 964.3 million in Q4 versus a profit of SAR 515.3 million in the same period last year, also due to impairment of assets and goodwill related to Egypt operations, lower margins in the retail sector, and higher losses in United Sugar Company-Egypt.
Q4 retail revenue came in SAR 3.2 billion, lower than Al Rajhi Capital’s estimate of SAR 3.5 billion. This likely points to some market share loss given the stronger performance of peers in this segment, the report said.
While revenue in the food segment was impacted by FX losses in Egypt, the retail revenue was primarily affected by a decline in like-for-like (LFL) sales, attributable to a basket size reduction in both supermarket and hypermarket formats.
Gross margin, meanwhile, stood at 18.1 percent, 230 basis points lower year-on-year and below Al Rajhi Capital’s estimate of 19.5 percent.
“We place Savola “under review” and look to revise our estimates and rating post the earnings call on Wednesday, Jan 25,” the brokerage concluded.
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