Saudi food group Savola has said it will miss its previously stated profit forecast for the first quarter.

Savola reduced its profit expectations by about 50% yesterday (18 March) in a statement on the Saudi stock exchange.

The group had previously expected a net income of SAR360m (US$96m). The revised expected net income (before capital gain) for the first quarter 2015 is SAR178m.

The group said the lowered forecast was a result of lower sales in the retail sector during January and February 2015 and negative foreign currency effects.


How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.