The Q2 2019 results of Al-Hassan Ghazi Ibrahim Shaker exceeded expectations as the firm posted SAR 9.9 million net losses compared to an estimated SAR 35.1 million, NCB Capital said in a research note.
The brokerage firm attributed the difference to the increase in sales, in addition to more efficient operational expenses, and higher profit posted from its subsidiary.
“An increase in the annual sales, efficient operational expenses, along with profitability of LG Shaker contributed as positive factors for the firm,” NCB said.
The firm recommended “Neutral” towards the firm’s share, with a target price of SAR 9 million.
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