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ABU DHABI – Al-Ahli Capital's net profit for the second quarter of 2019 was lower than badysts' forecasts and estimates, which stood at 66.5 million ryals and 76.8 million euros. ryals, said NCB Capital.
According to Othaim data on Tadawul Sunday, net profit fell to 58.73 million riyals, compared with 74.11 million riyals for the second quarter of last year, down 20.75 percent. %.
The research firm said in a report released on Sunday that Al Othaim's profits were lower than expected, mainly due to increased financing spending, with sales and other profits being in line with its estimates.
NCB Capital set Al Othaim's target price at 80.9 SAR, with the recommendation of "overweight".
The intensive expansion of the stores focusing on Saudi Arabia would be an important engine of growth, she said.
Al Othaim attributed the decline in net profit to the negative impact of the application of International Standard No. 16 (Leases), as well as to the increase in operating expenses due to rising expatriate labor costs and declining performance of badociated companies.
Al Othaim fell 4.94% to SAR 80.9 at the end of today 's session.
appointments:
Saudi Arabia cuts oil prices for Asian customers for September
Gulf stock markets plummet and Muscat breaks trend
A statement from Sama on the experience of "opening bank accounts" remotely
"Tadawul ": participation of 7.85% of foreigners in the Saudi market
Foreigners continue to buy on the Saudi market last week with skilled badistance
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