Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Savola reported a better-than-expected set of Q3 19 results, with net income of SAR221.8mn vs net loss of SAR50.7mn in Q3 18, coming significantly higher than the NCBC and consensus estimates of SAR48.0mn and SAR89mn, respectively. With revenues and gross profit coming in-line with our estimates, we believe the variance in earnings was mainly due to 1) lower-than-expected opex supported by higher associate income and 2) lower-than-expected non-operating expenses due to lower currency exchange lo...
Savola reported a better-than-expected set of Q3 19 results, with net income of SAR221.8mn vs net loss of SAR50.7mn in Q3 18, coming significantly higher than the NCBC and consensus estimates of SAR48.0mn and SAR89mn, respectively. With revenues and gross profit coming in-line with our estimates, we believe the variance in earnings was mainly due to 1) lower-than-expected opex supported by higher associate income and 2) lower-than-expected non-operating expenses due to lower currency exchange lo...
We believe the outlook for the Food sector is muted, impacted mainly by the recent expat exodus. However, we believe the government’s allowance programs for citizens will support demand for premium products. Moreover, consolidation trends should support efficiency and market share gains for major industry players. We remain Neutral on Savola with a PT of SAR34.6 and Neutral on Almarai with a PT of SAR47.7.
Savola reported a strong set of Q1 19 results, with a net profit of SAR6.3mn vs a loss of SAR84.3mn in Q1 18. This is higher than the NCBC and consensus estimates of a loss of SAR120mn and SAR59mn, respectively. We believe the better than expected results are mainly due to the top-line growth, in addition to the gross margin expansion following the restructuring of Panda. This was partially offset by higher financing and zakat expenses.
Savola reported a disappointing set of Q4 18 results, with a net loss of SAR526.0mn versus a loss of SAR37.5mn in Q4 17. However, adjusting for the one-off asset impairment of SAR200mn and associate guarantee expense of SAR101mn, net loss stood at SAR226mn in Q4 18. This is lower than the NCBC and consensus estimates of a profit of SAR51mn and SAR106mn, respectively. Aside from the one-off asset impairments and associate guarantee expense, we believe the variance also came from lower associate i...
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 n...
For Q4 2015, revenues dropped by 3.56% to reach SAR6.615bn vs. SAR6.860bn a year ago. However, Q4 2015 net profit was up to SAR591.197M vs. SAR434.356M in the prior-year period. At the end of 2015, Savola Group recorded SAR1.792bn in its net profit, which fell 13.5% compared with SAR2.072bn a year earlier. By segment, the retail activity accused the worst net profit performance (-69.87%). However, Retail revenues increased by 10.89%. The food segment recorded the best net profit performance (+12...
A glimpse into Savola's activity in Iran: !1.PNG 658 x 307! Savola is one of the few Saudi companies with a presence in Iran, with edible oil and confectionery factories in Tehran. Savola’s investment in Iran began earlier in 2004. In fact, the firm acquired a 49% stake in Behshahr Industrial Company before raising it to 80%. Behshahr is an important part of Savola’s business, accounting for 13% of its total revenues in 2014.
Savola Group's net earnings reached SAR391.566M during the third quarter of 2015, falling 46.7% compared to SAR734.652M a year earlier. Revenues were up by 0.6% to SAR19.845bn for the first nine months of 2015. The retail activity accused the worst net profit performance (-60.3%), followed by the Food segment (-12.93%). The nine-month net income also dropped 25.04%, yoy, from SAR1.756bn to SAR1.316bn. The Net profit recorded in Saudi Arabia decreased by 20.04% to SAR1.170bn vs.
Savola Group's net earnings reached SAR434.4M during the second quarter of 2015, falling 15.37% compared with SAR513.3M a year earlier. Revenues were up by 2.87% to SAR13.968bn. The retail activity accused the worst net profit performance (-54.33%), followed by the Food segment (-17.42%). The six-month net income also dropped 3.37%, yoy, from SAR936.5M to SAR904.9M. The Net profit recorded in Saudi Arabia increased by 3% to SAR841.47M vs. SAR816.57M during the same period a year ago.
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