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The Savola Group’s second-quarter net profit of SAR 247 million missed Albilad Capital’s estimate of SAR 286 million and a consensus forecast of SAR 328 million, the brokerage firm said in an earnings review.
The decline in net profit was due to lower profit margins in Savola’s food and retail segments, increased operating expenses associated with the expansion of retail outlets and a new distribution center in the western region.
Financing expenses also rose in tandem with forex losses from Egyptian United Sugar Company, as well as higher financing costs.
Savola’s revenues of SAR 6.89 billion in Q2 fell 2.1 percent year-on-year (YoY) on lower sales within its food segment. However, the company’s top line rose 14.4 percent quarter on quarter on mounting seasonal demand.
“Savola shut down 60 Pandati outlets; of which 51 outlets were closed in Q1 2016, thus the number of Pandati outlets tumbled from 282 in 2015 to 223 outlets by the end of June 2016 taking into account the opening of one outlet in the first half,” the note said.
The investment arm of Bank Albilad maintained an “overweight” rating on Savola and cut the fair value price on the stock to SAR 43.80 from SAR 49.80 per share.
Savola, Saudi Arabia’s largest food products company, reported a net profit of SAR 339.6 million for the first half of 2016, a 62 percent YoY drop.
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