Recent Research

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  FIRST LOOK NOTES

  29 Jan 2025

  Almarai Co

  ACCUMULATE

  Last Closing Price

  SAR 58.70

  Target Price

  SAR 65.00

  Upside (%)

  +10.73%

  Saudi Equity Research - Almarai Company 4Q24 - First Look Note

  Revenue from the Dairy and Juice segment increased 5.8% YOY to SAR 3,311 Mn in 4Q24 driven by food & fresh dairy despite lower contribution from Egypt due to impact of devaluation.

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• 

  FIRST LOOK NOTES

  22 Oct 2024

  Almarai Co

  BUY

  Last Closing Price

  SAR 56.10

  Target Price

  SAR 65.00

  Upside (%)

  +15.86%

  Saudi Equity Research - Almarai Company 3Q24 - First Look Note

  Strong revenue growth and a favourable product mix supported profitability

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• 

  FIRST LOOK NOTES

  18 Jul 2024

  Almarai Co

  HOLD

  Last Closing Price

  SAR 60.00

  Target Price

  SAR 65.00

  Upside (%)

  +8.33%

  Strong growth in volume and cost control measures boosted the bottom line

  Almarai Company (“Almarai, “the Company”) recorded an 11.2% YOY increase in net profit to SAR 620 Mn in 2Q24, slightly lower than our estimate of SAR 640 Mn.

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• 

  FIRST LOOK NOTES

  25 Apr 2024

  Almarai Co

  BUY

  Last Closing Price

  SAR 56.40

  Target Price

  SAR 65.00

  Upside (%)

  +15.25%

  Strong volume growth and pricing with a healthy product mix drove profitability

  Almarai Company (“Almarai, “the Company”) recorded a 9.0% YOY increase in net profit to SAR 692 Mn in 1Q24, higher than our estimate of SAR 612 Mn.

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• 

  FIRST LOOK NOTES

  05 Feb 2024

  Almarai Co

  HOLD

  Last Closing Price

  SAR 57.70

  Target Price

  SAR 61.00

  Upside (%)

  +5.72%

  Lower commodity sales and EGP devaluation impacted the bottom line

  Almarai Company (“Almarai, “the Company”) recorded a 4.2% YOY increase in net profit to SAR 371 Mn in 4Q23, lower than our estimate of SAR 437 Mn.

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• 

  FIRST LOOK NOTES

  13 Oct 2023

  Almarai Co

  HOLD

  Last Closing Price

  SAR 59.80

  Target Price

  SAR 61.00

  Upside (%)

  +2.01%

  Margins continue to lag topline growth impacting profit

  Almarai Company (“Almarai, “the Company”) recorded 5.0% YOY growth in net profit to SAR 486 Mn in 3Q23, lower than our estimate of SAR 560 Mn.

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