NBK Capital has raised its target price estimate for The Savola Group by 13% to SAR 70, adding it kept a positive outlook for the retail sector.
The research firm expected Savola to post SAR 455 million net profit in Q2-14, with a rise by 17.26% year-over-year compared with SAR 388 million and by 7.56% quarter-on-quarter compared with SAR 423 million.
NBK Capital also expected Savola to post SAR 506 million net profit in Q3.
The company’s FY14 net profit was forecasted to reach SAR 1921 million, compared to SAR 1704 million in FY13.