Savola lowers Q1-2015 profit forecast to SAR 178 mln

18/03/2015 Argaam
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.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.