Agri-food firms’ aggregate Q1 profit misses estimates by 25%

Saudi agricultural and food companies have reported aggregate net profit of SAR 540 million in Q1 2017, missing analysts’ estimates of SAR 720 million by 25 percent, according to data compiled by Argaam.

Savola Group reported the biggest miss of 96 percent, after posting a net profit of SAR 4.80 million.

National Agriculture Development Co. (NADEC) came second, missing estimates of SAR 25.50 million by 83 percent, after reporting SAR 4.33 million net profit in Q1 2017.

 Al-Jouf Agricultural Development Co. and Almarai followed, as their net profit was lower than expected by 24.5 percent and 5.1 percent, respectively.

Saudi Airlines Catering Co.’s net profit came 11.4 percent below forecasts at SAR 121.4 million.

However, food manufacturer Halwani Bros’ net profit of SAR 20.40 million beat expectations of SAR 16 million by 27.5 percent in Q1 2017.

Average Q1 estimates were issued by eight Saudi brokerage firms, including: Aljazira Capital, Albilad Capital, NCB Capital and Osool & Bakheet Investment Co.