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Al Rajhi Capital sets Maaden’s TP at SAR 41/share

Al Rajhi Capital sets Maaden’s TP at SAR 41/share
Maaden reported better-than-expected top-line
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Riyadh – Mubasher: Al Rajhi Capital Research has set the target price (TP) of the Saudi Arabian Mining Company (Maaden) at SAR 41 per share.

The research company revised its recommendation for the company to ‘Neutral’ from ‘Underweight’, according to a report released on Tuesday.

“Ma’aden reported better-than-expected top-line due to higher-than-expected revenues across the segments. However, gross profit was largely in-line with our estimate as increased cash costs for the phosphate and aluminium segments offset the top-line beat,” the report said.

It is worth highlighting that Maaden reported SAR 739.46 million in net losses during 2019, against a net profit of around SAR 1.85 billion in 2018.