Riyadh – Mubasher: Al Rajhi Capital has maintained the target price of the Tadawul-listed company Almarai Company at SAR 51 per share, according to Al Rajhi’s statement on Monday.

The research company noted that Almarai’s earnings continued in a declining trajectory and dropped 8.4% on a yearly basis to SAR 581 million during the third quarter of 2019, largely in-line with Al Rajhi’s estimate of SAR 566 million.

The Dairy and Juice segments remained under pressure during the quarter due to higher input costs of alfalfa, increased labour and finance costs.

“The Dairy and Juice segments are expected to remain under pressure, due to unfavourable market conditions, higher input costs and stiff competition,” the statement said.