SADAFCO CEO: May expand beyond Saudi Arabia; rest of year expected to be in line with 3Q16/17
SADAFCO’s CEO Waltherus Matthijs said the company has “cash available” for expansion beyond “autonomous growth,” according to an interview with Bloomberg. The company is happy with gross margins and sees lower subsidy levels in Saudi Arabia as being supportive for market conditions. Matthijs added: “we are quite confident that we will follow the rest of the year along similar lines of in the third quarter”, which had shown flattish earnings growth as margin gains were offset by falling sales revenue. (Bloomberg) SADAFCO: SAR115.16 as of 18 January 2017, Rating: Buy, TP: SAR164.00 per share, MCap: USD998mn, SADAFCO AB / 2270.SE
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