Saudi Arabian Mining Co.’s (Maaden) second-quarter net profit (SAR 132.5 million) fell below Albilad Capital's forecast of SAR 202 million, the brokerage firm said in a report.
Albilad raised its target price on the stock to SAR 32.9 after it adjusted its estimates for the company's sales prices and set its rating at “underweight."
Earlier this week, the kingdom’s largest mining company reported a net profit of SAR 301.4 million for H1-2016, a 43 percent year-on-year (YoY) plunge mainly attributed to lower sales revenue and a decline in product prices.
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