By: Mahmoud Gamal
Abu Dhabi – Mubasher: International Fish Farming Holding’s (Asmak) stock rose 1.32% in Thursday’s mid-session, backed by the company’s positive results for the fourth quarter of 2016.
Asmak’s stock rose to AED 2.31 by 12:35pm UAE time, with a turnover of AED 20.25 million generated from the exchange of 8.56 million shares.
The company’s financial results saw a good improvement in the third and fourth quarters of 2016 due to higher sales that reflect better operational performance, financial analyst Mahmoud Abu Zeid told Mubasher.
Asmak generated profits of AED 6.23 million ($1.7 million) in Q4-16, against losses of AED 33.55 million ($9.13 million) in Q4-15. Profits amounted to AED 30.07 million in 2016, down 46.7% from AED 56.44 million in 2015.
The company’s stock targets to reach AED 2.50 and AED 3 respectively, Abu Zeid added.
Translated by: Julian Nabil
