Savola Group said it will be unable to achieve its projected profit of SAR 360 million for first quarter, and that it expects a net profit of SAR 178 million instead.
 
The 50-percent decline is mainly attributed to lower sales for the retail sector during January and February, as well as the decline of food sector profits, it added.
 
Management has already started implementing various initiatives to ease the profitability decline, the company said in a filing to Tadawul, Saudi Arabia’s bourse.
 
“Most events impacting first quarter income are exceptional and Savola will take necessary measures to achieve operating income guidance for the full year,” said Abdullah Rehaimi, managing director and chief executive officer of the company.

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