Riyadh – Mubasher: Al Rajhi Capital Research has revised their estimates for Fawaz Abdulaziz Alhokair and maintained their “neutral” recommendation on the stock with a target price (TP) of SAR 22 per share, according to a research note on Thursday.
Alhokair reported SAR 27.2 million losses during the third quarter (Q3) of 2019, versus profits of SAR 10 million in the same quarter of 2018. This was against the research firm estimates of SAR 9 million profit.
Revenues plunged by 3% to SAR 1.23 billion in Q3-19, compared to SAR 1.27 billion in Q3-18.
For the first nine months of 2019, net profits achieved by Fawaz Alhokair reached SAR 196.8 million, decreasing by 24.08% compared with the SAR 259.2 million recorded in the same period last year.
