Riyadh – Mubasher: Albilad Capital maintained the price target of Saudi Arabia’s dairy firm Almarai at SAR 58, with an downside potential of 0.17% compared with the stock’s Sunday’s closing price of SAR 58.1.
“Almarai posted SAR 308.5 million net profit for the first quarter of 2016, which came in line with our estimates of SAR 308 million,” said the research firm.
Almarai’s Q1 net profits are 0.65% higher than SAR 306.5 million reported in the same period last year.
The company’s results were negatively impacted by a drop in production form its Egypt unit due to changes in foreign currency exchange rates, in addition to incurring losses from assets sale.
