Agrifood firms' Q3 net profit beat estimates by 7%

Eight Saudi agricultural firms and food producers have reported aggregate net profit of SAR 1.8 billion in Q3 2017, which came 7 percent above analyst forecasts of SAR 1.68 billion, according to data compiled by Argaam.

Halwani Bros was on top, with its net profit at SAR 18.8 million exceeding average estimates by 30 percent. Almarai came second with a beat of 11 percent, followed by Savola Group (10 percent).

Saudia Dairy and Foodstuff Co.’s (Sadafco) Q3 net income was 0.4 percent higher than expected.

Meanwhile, Al-Jouf Agricultural Development Co. reported the biggest miss of 42 percent, after posting a net profit of SAR 11.5 million.

Saudi Airlines Catering Co. came second, missing estimates of SAR 142.6 million by 9 percent, after reporting SAR 130.4 million net profit in the same period.

National Agriculture Development Co. (NADEC) followed, as its net profit was lower than expected by 7 percent.