Cairo – Mubasher: Pharos Research has maintained their Overweight recommendation for Obour Land for Food Industries at a fair value (FV) of EGP 26.15 per share.

Obour Land is projected to record sales of EGP 2.64 billion in 2018, earnings before interest, taxes, depreciation, and amortization (EBITDA) of EGP 476 million, and a net income of EGP 370.7 million, Pharos added in a recent report on Monday.

Given that the Egyptian cheese producer has reported a 50.17% year-on-year surge in unconsolidated profits for 2017, as profits hit EGP 243.26 million from EGP 161.99 million in profits in 2016.

Furthermore, the standalone financial statements have revealed that revenues grew to EGP 2.06 billion in 2017, compared to EGP 1.45 billion a year earlier.