Riyadh – Mubasher: Al Rajhi Capital Research has reviewed the forward looking estimates of Saudia Dairy and Foodstuff Company (Sadafco), according to a statement released on Tuesday.
The research company changed Sadafco’s target price (TP) to SAR 164 per share, from SAR 156.
“We have observed an improvement in consumer demand in Saudi Arabia and believe that the company will be able to maintain its leadership position in the ultra-high-temperature processing milk segment and improve the market share in ice-cream segment leading to similar level of margins in near term,”Al Rajh said.
It is noteworthy that Sadafco’s net profit after zakat and tax rose to SAR 68.06 million during the third quarter ended 31 December 2019, compared to SAR 53.6 million in the year-ago period.
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