Recent Research

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  FIRST LOOK NOTES

  10 Apr 2026

  Almarai Co

  BUY

  Last Closing Price

  SAR 42.80

  Target Price

  SAR 60.00

  Upside (%)

  +40.19%

  Saudi Equity Research - Almarai Company 1Q26 - First Look Note

  Almarai reported poultry production of c. 81 Mn birds in 1Q26, with guidance of c. 330 Mn birds going forward and a long-term target of c. 450 Mn birds, indicating significant scale-up potential.

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  EARNINGS CALL INSIGHT

  08 Apr 2026

  Almarai Co

  BUY

  Last Closing Price

  SAR 42.70

  Target Price

  SAR 60.00

  Upside (%)

  +40.52%

  Saudi Equity Research - Almarai Company 1Q26 - First Look Note

  Almarai’s revenue grew 6.8% YOY to SAR 6,160 Mn in 1Q26, supported improved performance during the holy month of Ramadan and broad-based volume growth across markets, product segments, and channels, led by dairy and poultry.

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  FIRST LOOK NOTES

  22 Jan 2026

  Almarai Co

  BUY

  Last Closing Price

  SAR 43.00

  Target Price

  SAR 65.00

  Upside (%)

  +51.16%

  Saudi Equity Research - Almarai Company 4Q25 - First Look Note

  Working capital rose from SAR 3,812 Mn in 4Q24 to SAR 4,122 Mn in 4Q25, due to inventory buildup ahead of Ramadan. The Company’s CAPEX expanded from SAR 3,634 Mn in 2024 to SAR 4,385 Mn in 2025, driven by capacity expansion and long-term value creation initiatives.

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  FIRST LOOK NOTES

  09 Oct 2025

  Almarai Co

  BUY

  Last Closing Price

  SAR 49.76

  Target Price

  SAR 65.00

  Upside (%)

  +30.63%

  Saudi Equity Research - Almarai Company 3Q25 - First Look Note

  Revenue grew 6.6% YOY to SAR 5,553 Mn in 3Q25, due to increased volumes across all core markets and sales channels. Almarai finalized the acquisition of Pure Beverage Industry Co, a water business, for SAR 1.0 Bn in 3Q25.

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  FIRST LOOK NOTES

  09 Jul 2025

  Almarai Co

  BUY

  Last Closing Price

  SAR 49.36

  Target Price

  SAR 65.00

  Upside (%)

  +31.69%

  Saudi Equity Research - Almarai Company 2Q25 - First Look Note

  Revenue grew 2.6% YOY to SAR 5,288 Mn in 2Q25, due to strong performance in food and bakery categories. Almarai’s operating profit grew 2.6% YOY to SAR 813 Mn in 2Q25, with the operating profit margin contracted marginally 1 bps YOY to 15.4% in 2Q25.

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• 

  FIRST LOOK NOTES

  22 Apr 2025

  Almarai Co

  BUY

  Last Closing Price

  SAR 52.80

  Target Price

  SAR 65.00

  Upside (%)

  +23.11%

  Saudi Equity Research - Almarai Company 1Q25 - First Look Note

  Revenue grew 5.7% YOY to SAR 5,767 Mn, while gross profit grew 3.5% YOY to SAR 1,769 Mn in 1Q25. Almarai introduced more than 30 new products across its Bakery, Dairy, Juice, Food, and Foodservice segments in 2024, reflecting its continued focus on innovation and product expansion.

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