Showing 9 of 17
  • Saudi Flag
    FIRST LOOK NOTES
    09 Jul 2026
    Almarai Co
    BUY
    SAR 46.60
    SAR 60.00
    +28.76%

    Saudi Equity Research - Almarai Company 2Q26 - First Look Note

    Almarai Company net profit declined 1.7% YOY to SAR 636 Mn in 2Q26, in line with our estimate of SAR 640 Mn. The decline in net profit was primarily driven by higher cost of sales, reflecting increased dairy feed shipping costs, elevated operating expenses due to increased energy, logistics, and protein ramp-up costs, higher net finance costs, increase in S&D and G&A expenses and higher income tax expenses.
  • Saudi Flag
    EARNINGS CALL INSIGHT
    08 Jul 2026
    Almarai Co
    BUY
    SAR 46.98
    SAR 60.00
    +27.71%

    Almarai_2Q26 Earnings Call Insight

    Almarai’s revenue increased 11.0% YOY to SAR 5,868 Mn in 2Q26, driven by sales volume growth across all markets, product categories, and sales channels, supported by higher poultry volumes following capacity expansion projects and an improved revenue mix in the Dairy segment.
  • Saudi Flag
    FIRST LOOK NOTES
    10 Apr 2026
    Almarai Co
    BUY
    SAR 42.80
    SAR 60.00
    +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.
  • Saudi Flag
    EARNINGS CALL INSIGHT
    08 Apr 2026
    Almarai Co
    BUY
    SAR 42.70
    SAR 60.00
    +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.
  • Saudi Flag
    FIRST LOOK NOTES
    22 Jan 2026
    Almarai Co
    BUY
    SAR 43.00
    SAR 65.00
    +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.
  • Saudi Flag
    FIRST LOOK NOTES
    09 Oct 2025
    Almarai Co
    BUY
    SAR 49.76
    SAR 65.00
    +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.
  • Saudi Flag
    FIRST LOOK NOTES
    09 Jul 2025
    Almarai Co
    BUY
    SAR 49.36
    SAR 65.00
    +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.
  • Saudi Flag
    FIRST LOOK NOTES
    22 Apr 2025
    Almarai Co
    BUY
    SAR 52.80
    SAR 65.00
    +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.
  • Saudi Flag
    FIRST LOOK NOTES
    29 Jan 2025
    Almarai Co
    ACCUMULATE
    SAR 58.70
    SAR 65.00
    +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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