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DUBAI, Jan 22 (Reuters) - Weak fourth-quarter earnings at several major Saudi Arabian companies may pull down stocks in that market on Sunday, while other Gulf markets may have a moderately firm tone after oil prices and global equities ended last week on a strong note.
Savola Group
2050.SE
, Saudi Arabia's largest food products company, swung to a net loss of 964.3 million riyals ($257.2 million) in the three months to the end of December from a profit of 515.3 million riyals a year ago.
The company said it did not plan to pay quarterly dividends in 2017, attributing the profit drop to lower gross profits, higher financial charges, and non-recurring items booked during the quarter. Analysts polled by Reuters had on average forecast Savola would make a quarterly profit of 53.6 million riyals.
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Several banks also missed estimates, partly because of rises in provisions for credit losses in a weak Saudi economy.
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Alawwal Bank
1040.SE
swung to a net loss of 249.3 million riyals from a net profit of 451.3 million riyals; Alistithmar Capital and EFG Hermes had forecast a profit of 330.5 million and 438.0 million riyals.
Saudi British Bank
1060.SE
posted a 35 percent drop in fourth-quarter net profit, Banque Saudi Fransi
1050.SE
reported a 61 percent drop, and Samba Financial Group
1090.SE
reported a 12 percent fall. All three missed analysts' forecasts.
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))
Savola Group
The company said it did not plan to pay quarterly dividends in 2017, attributing the profit drop to lower gross profits, higher financial charges, and non-recurring items booked during the quarter. Analysts polled by Reuters had on average forecast Savola would make a quarterly profit of 53.6 million riyals.
Several banks also missed estimates, partly because of rises in provisions for credit losses in a weak Saudi economy.
Alawwal Bank
Saudi British Bank
(Reporting by Andrew Torchia) ((andrew.torchia@thomsonreuters.com; +9715 6681 7277; Reuters Messaging: andrew.torchia.thomsonreuters.com@reuters.net))