Mobile Telecommunication Company Saudi Arabia (Zain Saudi) posted a net profit of SAR 130 million in Q2 2019, exceeding Riyad Capital's estimates of SAR 122 million despite being in line with market forecasts of SAR 127 million.
The bottom-line beat came as the telecom operator generated additional income of SAR 8 million from a government project, Riyad Capital said in a recent earnings note.
The second-quarter revenue reached SAR 2.06 billion, compared to Riyad Capital’s estimate of SAR 2.11 billion.
Gross profit margins hit 74 percent, compared to the brokerage firm’s expectations of 71 percent.
Riyad Capital added that it maintained a “buy” recommendation on the stock, keeping its target price unchanged at SAR 11.50.
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