Nadec’s Q2 net profit tops forecast, says Albilad Capital

15/07/2015 Argaam

National Agricultural Development Co.’s (Nadec) second-quarter net profit (SAR 35.1 million) topped Albilad Capital’s forecast, the brokerage firm said in a report.

The investment arm of Bank Albilad upgraded the company’s rating to “neutral” and raised its stock target price to SAR 34.2 from SAR 29.6.

 

Albilad Capital added that rating change was based on the company’s growth potential, which may increase as a result of planned expansions.

 

On Sunday, Nadec reported a 25 percent year-on-year increase in Q2-2015, which it attributed to higher sales across its food, dairy and agricultural segments.

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