Riyadh – Mubasher: Al Rajhi Capital expects the profits of Almarai to increase in the second quarter of 2017 due to the strong performance of its departments in Ramadan, while Savola Group, Herfy Food Services Co, and Saudi Airline Catering Co are likely to drop due to a decline in revenues.
Almarai profits will go up 5% to SAR 661 million in Q2-17, compared to SAR 629 million in the year-ago period, Al Rajhi expected in its latest report.
The Saudi financial services company expects that Almarai’s revenues will level up 2.1%, reaching SAR 4.109 billion in Q2-17, compared to SAR 4.025 billion n Q2-16.
Year-on-year, Al Rajhi expects Savola Group’s profits to slide 15% to reach SAR 210 million, compared to SAR 247 million.
Savola’s revenues are likely to fall 0.4% to SAR 6.86 million in Q2-17, compared to SAR 6.89 million in the same period in the year before.
Referring to Herfy Food Services Co, Al Rajhi stated that despite the rapid increase in restaurant branches on an annual basis, the company’s net profit will be negatively impacted.
Al Rajhi predicted that Saudi Airline Catering Co’s net profits will decrease 5% given that Ramadan coincided with the second quarter, which would limit revenues.
