Riyadh – Mubasher: Al Rajihi Capital has set the target price (TP) of Saudi Arabian Mining Company’s (Maaden) stock at SAR 45, 13.5% down from a current price of SAR 52, with 'Underweight' recommendation.

The research company expected an 81.7% year-on-year decline in the Saudi company’s net profit, according to a report released on Thursday.

Maaden’s revenue is expected to surge to SAR 18 billion in the fiscal year 2019, compared to SAR 14.17 billion a year earlier, Al Rajihi said.

The Tadawul-listed company reported turning to losses in the first quarter of 2019, recording SAR 252.92 million