SAVOLA, the king of sorrow
Q2 2016:Revenues dropped by 2.08% to SAR6.890bn vs. SAR7.036bn, yoy. The EBIT slumped by 23.68% to SAR414.194m. Therefore, the operating margin reached 6.01% vs. 7.71%, a year ago. Net profit accused a sharp drop of 49.5% to SAR230.328m following the increase of financial charges (+134%) and the loss from discounted operations related to the United Sugar Company in Egypt which totalized SAR-42.256m.
H1 2016:
Revenues decreased by 2.62% to reach SAR12.913bn vs. SAR13.260bn by the end of June 2014.
Savola Group is a multinational food group based in the Kingdom of Saudi Arabia. Co. is engaged in the manufacturing and marketing of vegetable oils and to set up related industries, retail outlets, dairy products, snack foods, packing materials, exports and imports, commercial contracting, trade agencies and development of agricultural products. Co. maintains a wide portfolio of businesses including Edible Oils, Sugar, Noodles/Pasta, Retail and Plastics. Co. has activities in the Gulf and the Middle East Region, North African and Central Asian countries (MENACA). Co. exports its edible oils, margarine, sugar and plastic to more than 30 countries around the world.
AlphaMena is the MENA stocks leader in independent equity research, covering 142. MENA securities spanning across 19 sectors and 8 countries relaying on a team of 11 analysts. The breadth of coverage allows AlphaMena to formulate a coherent view on markets, sectors and to highlight the best investments in Mena zone using a robust homogeneous and transparent methodology, enabling pure and pertinent comparisons based on financial and extra-financial criteria.
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