Egypt - Pharos sets the fair value of Arabian Food Industries Company's (Domty) (DOMT) share at EGP 10/share with maintaining an overweight recommendation, according to a research note sent to ArabFinance.

Domty somewhat diversified product portfolio helped protect its sales from possible repercussions from the virus outbreak, with the staple cheese products faring better than the discretionary snack and juice products, Pharos reported.

Pharos expects 2Q20 results to come in weaker, owing to low demand in the Ramadan and Eid season. Nevertheless, the company aims to launch new SKUs in the bread range in order to compensate for lost sales and to restore their market share in the other categories in anticipation of future easing measures in the retail and commercial businesses.

The company posted a consolidated net profit reached EGP 32,095,940 in Q1 2020, an 11% increase EGP 28,849,065 posted in Q1 2019.

In Q1 2020, standalone net profit reached EGP 29,105,899, a 19% rise from EGP 24,515,330 achieved in the corresponding period of 2019.

Domty is an Egypt-based company engaged in the production and sale of dairy products. The company’s offerings include a range of cheese products, such as Tetra Pak cheese, plastic tubes cheese, mozzarella cheese, and spread cheese, as well as milk products and juices.

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