Almarai’s Q2 results exceed estimates: Saudi Fransi Capital

Almarai’s second quarter financial results exceeded street estimates and consensus, said Saudi Fransi Capital, the investment arm of Banque Saudi Fransi.

The company’s sales, however, were in line with estimates at SAR 3.65 billion.

The poultry segment’s performance improved, recording a 25.4 percent increase in sales. Saudi Fransi said it expects a continued growth in the juice and dairy products segment by 10 percent.

The firm maintained its “buy” recommendation for Almarai and kept an unchanged target price of SAR 102 per share.

Almarai, one of the top dairy producers in the GCC, said on Sunday that it reported a net profit of SAR 836.9 million in H1-2015, a 22.4 percent increase compared to the same period last year.

The company’s Q2 net profit was SAR 530.4 million, 22.4 percent higher compared to the same period last year, according to data compiled by Argaam.