Riyadh – Mubasher: Alistithmar Capital set the target price of Saudi Arabia’s leading dairy firm Almarai at SAR 53.60/share, with a “Reduce” recommendation.
The research firm said Almarai’s earnings for the fourth quarter of 2015 matched its expectations of SAR 486.8 million.
Almarai said Sunday its net profit for the fourth quarter of 2015 rose by 13% to SAR 484 million, from SAR 428 million.
Net income for FY15 reached SAR 1.9 billion, up 14.4% year-on-year from SAR 1.6 billion. The increase in Q4 net profit was ascribed to a rise in sales by 7.6%.
