2016 is likely to be a blank year
For Q1 2016, revenues dropped by 3.22% to reach SAR6.023bn vs.SAR6.223bn, a year ago. The net profit squeezed to SAR92.922m, falling by 80.25% compared to the same period a year earlier.By segment, Food revenues recorded a decline of 8.65%. However, the net profit was up by 23.37% to SAR163.475m. The retail activity posted a slight improvement (+2.47%) of its revenues. But, the net profit was in a negative territory amounting to SAR-21.233m because of a higher capex related to the opening of new Panda stores.
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