Cairo - Mubasher: Pharos Research has upgraded the fair value (FV) evaluation of Arabian Food Industries (Domty) at EGP 14.42 per share, with an overweight recommendation.

Domty recently reported a 48% year-on-year decline in consolidated profits for the first nine months of 2017 due to higher expenses.

Net profits amounted to EGP 28.5 million in the nine-month period ended September 2017, despite that sales rose to EGP 1.6 billion from EGP 1.2 billion, as the cost of sales increased to 1.3 billion from EGP 965.7 million.