Savola’s Q2 2019 profit misses expectations: Al Rajhi Capital

29/08/2019 Argaam

 

Savola’s net profit in Q2 2019 of SAR 110 million missed market estimates of SAR 140 million, Al Rajhi Capital said in a research note.

 

The brokerage firm said that Savola’s net profit growth was mainly impacted by the overall negative revenue growth and lower share of income from investment in affiliates. 

 

“Going forward, we remain wary about the top-line growth due to loss of market share amidst store closures and weaker volume growth in the food business,” Al Rajhi said.

 

Al Rajhi Capital maintained a “Neutral” rating on the stock with a target price of SAR 30 per share.

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.