Savola sees Q3 net profit at SAR 355 mln; lowers FY guidance

Savola Group expects to make a third quarter net profit of SAR 355 million before capital gains, the foodstuff company said in a statement.

Savola has also lowered their full-year guidance by 10 percent, saying the current economic conditions in their overseas markets, oversupply of commodities, and the large expansions in the retail sector have put pressure on the margins.

The group previously said that 2015’s profit would be SAR 1.82 billion before capital gain, according to Argaam.