SPIMACO 2Q16 recurring earnings drop 42% Y-o-Y on lower dividend income and rise in finance cost; miss estimate on higher SG&A
Net income – SAR52mn, -78% Y-o-Y, -52% Q-o-Q, -35% vs. EFGe Recurring earnings – SAR52mn, -42% Y-o-Y, -42% Q-o-Q, -35% vs. EFGe Gross profit – SAR242mn, +15% Y-o-Y, -4% Q-o-Q, +4% vs. EFGe Net operating profit – SAR55mn
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