Mubasher TV
Contact Us Advertising   العربية

Al-Rajhi Capital: Shaker Q1 figures disappointing

Al-Rajhi Capital: Shaker Q1 figures disappointing
Default Company
1214.O
0.00% 0.00 0.00
Al-Rajhi Capital has stated that Q1-14 financial results of Al Hassan Ghazi Ibrahim Shaker were lower than its estimates, with net profit declining by 58.6% y/y to SAR 20.6 million (vs. its estimate of SAR 51 million).

The company attributed the sharp drop in net profit to rise in AC prices as well as mild weather conditions, both of which dampened AC demand in the Kingdom.

The research firm reiterated its ‘Overweight’ rating on the stock, with a target price of SAR 95.