Savola Group (2050.SE) expects additional costs of SAR105 million in 2016 from higher utility tariffs and fuel prices, the company said in a statement on 12 January 2016. The company did not, however, clarify if the estimated cost increase is only from its consolidated businesses or if it includes the impact from associates Almarai and Herfy. Reflecting the SAR105 million cost increase (without accounting for any efficiencies) reduces our 2016e recurring net income estimate by 6%. (Company Disclosure, Hatem Alaa, Nada Amin).   Savola: SAR38.38 as of 12 January 2016, Rating: Buy, FV: SAR70.00 per share, MCap: USD5,465 million, SAVOLA AB / 2050.SE