Riyad Capital Keeps Almarai Co at Neutral Post-Q3 Earnings

04:43 AM EDT, 10/06/2026 (MT Newswires) -- Riyad Capital maintained its investment view on Almarai Co (SASE:2280) following the company's third-quarter results. For the three-month period, the food and beverage company logged an 11% annual increase in revenue to 6.19 billion riyals, aligning with Riyad Capital's estimate of 6.08 billion riyals, according to a Sunday first look note. Net profit rose 1% year over year to 618 million riyals, also in line with the research firm's forecast of 622 million riyals. "Revenue growth did not translate into higher net profit, mainly due to inflation in shipping and distribution costs. We expect continued expansion in the protein segments to support revenue growth, while shipping cost pressures are likely to persist. We maintain our target price [of SAR48] and Neutral recommendation, as growth drivers and pressures remain in line with our base-case assumptions. Earnings growth will hinge on the company's ability to control costs," analysts said.