Savola shares slide on lower profit forecasts

19/03/2015 Argaam
Savola Group’s shares dropped to their minimum on Thursday to SAR 69.75 after the company announced that it slashed its profit forecasts by 50 percent for first quarter.
 
The company said it will be unable to achieve its projected profit of SAR 360 million, and that it expects a net profit of SAR 178 million instead.
 
The adjustment is mainly attributed to lower sales for the retail sector at its Panda hypermarkets during January and February, as well as the decline of food sector profits, the company said in a filing to Tadawul, Saudi Arabia’s bourse.

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